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Former state school employee Kleisch paid in $105K to teachers' pension fund, could collect $1.82M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 08

Former state school employee Linda Kleisch, who retired in June 2018, saved $104,845 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kleisch would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Kleisch received $38,335 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kleisch will have already received $118,490 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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