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Kendall County Times

Friday, November 22, 2024

Former state school employee Wykes paid in $111K to teachers' pension fund, could collect $2.46M in retirement

Money 08

Former state school employee Bonita Wykes, who retired in May 2017, saved $111,483 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wykes would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Wykes received $51,635 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wykes will have already received $159,599 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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