Former state school employee Randazzo paid in $17K to teachers' pension fund, could collect $700K in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Marie Randazzo, who retired in June 2018, saved $17,228 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Randazzo would collect as much as $700,420, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Randazzo received $14,722 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Randazzo will have already received $29,886 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46

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