Rock Island Today

Rock Island Today

Friday, October 18, 2019

Former state school employee Schafman paid in $90K to teachers' pension fund, could collect $1.27M in retirement


By Rock Island Today Reports | Jul 1, 2018

Former state school employee Andrea Schafman, who retired in June 2018, saved $90,083 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schafman would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Schafman received $26,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Schafman will have already received $111,683 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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