North Cook News

North Cook News

Monday, February 17, 2020

Former state school employee Verstat paid in $194K to teachers' pension fund, could collect $4.15M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Shutterstock 225154648

Former state school employee Luann Verstat, who retired in June 2016, saved $193,949 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, Verstat would collect as much as $4.15 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Verstat received $87,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Verstat will have already received $269,767 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Schaumburg Community Consolidated School District 54 ?

Sign-up Next time we write about Schaumburg Community Consolidated School District 54, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Schaumburg Community Consolidated School District 54

More News