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North Cook News

Wednesday, November 6, 2024

Former state school employee Venegoni paid in $295K to teachers' pension fund, could collect $6.06M in retirement

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Former state school employee Charles Venegoni, who retired in July 2016, saved $294,811 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Venegoni would collect as much as $6.06 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Venegoni received $127,333 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Venegoni will have already received $393,574 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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