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North Cook News

Sunday, December 22, 2024

Former administrator Nehf paid in $112K to teachers' pension fund, could collect $1.84M in retirement

Money759

Former administrator Michael Nehf, who retired in June 2017, saved $111,774 toward a pension over 12 years working for public schools, Chicago Teachers' Pension Fund records show.

Over 30 years of retirement, Nehf would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Nehf received $38,667 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nehf will have already received $119,516 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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