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North Cook News

Friday, April 26, 2024

Former state school employee Fehlberg paid in $108K to teachers' pension fund, could collect $2.49M in retirement

Money 07

Former state school employee Linda Fehlberg, who retired in June 2016, saved $107,894 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fehlberg would collect as much as $2.49 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Fehlberg received $52,235 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fehlberg will have already received $161,453 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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