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Tuesday, January 21, 2020

Former state school employee Silver paid in $37K to teachers' pension fund, could collect $501K in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Roberta Silver, who retired in June 2018, saved $37,092 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Silver would collect as much as $501,009, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Silver received $10,530 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Silver will have already received $44,053 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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