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West Cook News

Sunday, November 24, 2024

Former state school employee Rodriguez paid in $68K to teachers' pension fund, could collect $1.03M in retirement

Money 02

Former state school employee Ray Rodriguez, who retired in October 2016, saved $67,892 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rodriguez would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Rodriguez received $21,665 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rodriguez will have already received $90,638 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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