Former state school employee Sirvatka paid in $244K to teachers' pension fund, could collect $6.1M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Martin Sirvatka, who retired in June 2016, saved $244,144 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sirvatka would collect as much as $6.1 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Sirvatka received $128,179 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sirvatka will have already received $260,203 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Northfield Township High School District 225

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate