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North Cook News

Wednesday, February 26, 2020

Former state school employee Maisel paid in $184K to teachers' pension fund, could collect $3.55M in retirement


By Local Labs News Service | Jul 1, 2018


Former state school employee Michele Maisel, who retired in June 2018, saved $183,825 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Maisel would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Maisel received $74,713 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maisel will have already received $230,930 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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