Former state school employee Schaefer paid in $144K to teachers' pension fund, could collect $3.12M in retirement

By Rock Island Today Reports

Jul 1, 2017

Former state school employee Lynn Schaefer, who retired in June 2017, saved $143,771 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schaefer 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 Schaefer received $65,570 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schaefer will have already received $202,670 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Moline Coal Valley Community Unit School District 40

!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