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West Cook News

Monday, November 18, 2024

Former state school employee Riordan Zeitlin paid in $193K to teachers' pension fund, could collect $4.31M in retirement

Money272

Former state school employee Virginia Riordan Zeitlin, who retired in July 2017, saved $193,372 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Riordan Zeitlin would collect as much as $4.31 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Riordan Zeitlin received $90,689 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Riordan Zeitlin will have already received $280,311 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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