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West Cook News

Wednesday, April 24, 2024

Former state school employee Schweizer paid in $171K to teachers' pension fund, could collect $4.22M in retirement

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Former state school employee Ann Schweizer, who retired in June 2017, saved $170,869 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, Schweizer would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Schweizer received $88,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schweizer will have already received $180,167 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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