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Will County Gazette

Thursday, May 16, 2024

Former state school employee Terzick paid in $22K to teachers' pension fund, could collect $468K in retirement

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Former state school employee Joyce Terzick, who retired in August 2016, saved $22,396 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Terzick would collect as much as $467,965, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Terzick received $9,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Terzick will have already received $30,402 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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