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Wednesday, February 19, 2020

Former state school employee Rechner paid in $66K to teachers' pension fund, could collect $1.03M in retirement


By Local Labs News Service | Apr 1, 2017

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Former state school employee Audrey Rechner, who retired in March 2017, saved $66,191 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rechner would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Rechner received $21,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rechner will have already received $66,949 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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