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Former state school employee Weber paid in $224K to teachers' pension fund, could collect $3.54M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 07

Former state school employee Rita Weber, who retired in June 2016, saved $224,155 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weber would collect as much as $3.54 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Weber received $74,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weber will have already received $229,729 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elgin Area School District U46 (merged)

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