Former state school employee Cavallini paid in $139K to teachers' pension fund, could collect $2.68M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Virginia Cavallini, who retired in June 2016, saved $139,401 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cavallini would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Cavallini received $56,434 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cavallini will have already received $174,432 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Schaumburg Community Consolidated School District 54

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