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North Cook News

Friday, November 22, 2024

Former state school employee Boudas paid in $64K to teachers' pension fund, could collect $1.38M in retirement

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Former state school employee Stephen Boudas, who retired in February 2016, saved $64,169 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Boudas would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Boudas received $28,981 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Boudas will have already received $89,577 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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