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North Cook News

Sunday, November 24, 2024

Former state school employee Valentino paid in $16K to teachers' pension fund, could collect $645K in retirement

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Former state school employee Susan Valentino, who retired in March 2016, saved $16,413 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Valentino would collect as much as $645,185, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Valentino received $13,561 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Valentino will have already received $27,529 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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