Former state school employee Winekauf paid in $138K to teachers' pension fund, could collect $3.92M in retirement

By Local Labs News Service

Apr 1, 2016

Former state school employee Wade Winekauf, who retired in March 2016, saved $137,819 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, Winekauf would collect as much as $3.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Winekauf received $82,452 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Winekauf will have already received $167,378 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Earlville Community Unit School District 9

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate