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North Cook News

Thursday, November 14, 2024

Former state school employee Luif paid in $3K to teachers' pension fund, could collect $61K in retirement

Money 05

Former state school employee Ronald Luif, who retired in February 2016, saved $3,029 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Luif would collect as much as $60,704, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Luif received $1,275 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Luif will have already received $3,940 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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