Former state school employee Meyerhoff paid in $37K to teachers' pension fund, could collect $436K in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Joanne Meyerhoff, who retired in January 2016, saved $37,270 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Meyerhoff would collect as much as $435,594, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Meyerhoff received $9,155 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Meyerhoff will have already received $38,302 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Palatine School District 211

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate