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West Cook News

Friday, April 26, 2024

Former state school employee Almazan paid in $10K to teachers' pension fund, could collect $108K in retirement

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Former state school employee Manuel Almazan, who retired in July 2016, saved $10,064 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Almazan would collect as much as $107,878, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Almazan received $2,267 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Almazan will have already received $12,035 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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