Former state school employee Berlin paid in $86K to teachers' pension fund, could collect $1.64M in retirement

By Rock Island Today Reports

Jun 1, 2017

Former state school employee Thomas Berlin, who retired in May 2017, saved $85,519 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Berlin would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Berlin received $34,393 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berlin will have already received $106,306 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Kewanee Community Unit School District 229 Board

!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