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Former state school employee Vaananen paid in $216K to teachers' pension fund, could collect $4.85M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 01

Former state school employee William Vaananen, who retired in June 2018, saved $215,984 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Vaananen would collect as much as $4.85 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Vaananen received $101,999 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vaananen will have already received $315,269 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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