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South Central Reporter

Wednesday, November 27, 2024

Former state school employee Woker paid in $136K to teachers' pension fund, could collect $3.16M in retirement

Money 08

Former state school employee Carol Woker, who retired in May 2016, saved $136,055 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Woker would collect as much as $3.16 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Woker received $66,451 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Woker will have already received $205,394 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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