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North Cook News

Monday, November 4, 2024

Former state school employee Spachner paid in $134K to teachers' pension fund, could collect $2.91M in retirement

Money 03

Former state school employee Joanne Spachner, who retired in June 2018, saved $134,462 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Spachner would collect as much as $2.91 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Spachner received $61,165 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Spachner will have already received $189,055 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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