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North Cook News

Saturday, November 23, 2024

Former state school employee Walther paid in $297K to teachers' pension fund, could collect $6.43M in retirement

Money 06

Former state school employee Mark Walther, who retired in July 2016, saved $297,427 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, Walther would collect as much as $6.43 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Walther received $135,159 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walther will have already received $417,763 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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