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Former state school employee Golomb paid in $130K to teachers' pension fund, could collect $2.86M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 08

Former state school employee Barbara Golomb, who retired in June 2016, saved $130,383 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Golomb would collect as much as $2.86 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Golomb received $60,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Golomb will have already received $185,973 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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