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North Cook News

Saturday, November 23, 2024

Former state school employee Oberembt paid in $143K to teachers' pension fund, could collect $3.69M in retirement

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Former state school employee Randall Oberembt, who retired in July 2016, saved $142,983 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oberembt would collect as much as $3.69 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Oberembt received $77,629 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Oberembt will have already received $157,587 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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