Former state school employee Schwarz paid in $141K to teachers' pension fund, could collect $2.31M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Nancy Schwarz, who retired in June 2017, saved $141,267 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schwarz would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Schwarz received $48,509 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schwarz will have already received $149,936 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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