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West Cook News

Saturday, November 23, 2024

Former state school employee Goldberg paid in $245K to teachers' pension fund, could collect $5.49M in retirement

Money 01

Former state school employee Steven Goldberg, who retired in May 2016, saved $244,660 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Goldberg would collect as much as $5.49 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Goldberg received $115,334 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goldberg will have already received $356,486 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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