Rock Island Today

Rock Island Today

Friday, October 18, 2019

Former state school employee Wolber paid in $136K to teachers' pension fund, could collect $2.56M in retirement

Schools

By Rock Island Today Reports | Jul 1, 2018


Former state school employee Nancy Wolber, who retired in June 2018, saved $135,598 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wolber would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Wolber received $53,743 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wolber will have already received $166,114 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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