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Illinois Valley Times

Wednesday, December 25, 2024

Former state school employee Weber paid in $18K to teachers' pension fund, could collect $493K in retirement

Money 08

Former state school employee Kristine Weber, who retired in October 2016, saved $17,542 toward a pension over 8 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 $492,668, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Weber received $10,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Weber will have already received $21,021 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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