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Former state school employee Newberg paid in $137K to teachers' pension fund, could collect $3.12M in retirement

Schools

By Rock Island Today Reports | Jul 1, 2017

Money 01

Former state school employee Kathleen Newberg, who retired in June 2017, saved $136,770 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Newberg would collect as much as $3.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Newberg received $65,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Newberg will have already received $202,844 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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East Moline School District 37

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