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McHenry Times

Monday, May 20, 2024

Former state school employee Perk paid in $140K to teachers' pension fund, could collect $3.18M in retirement

Money 08

Former state school employee Audrey Perk, who retired in May 2017, saved $139,706 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Perk would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Perk received $66,872 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perk will have already received $206,694 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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