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West Cook News

Thursday, April 25, 2024

Former state school employee Tarantino paid in $176K to teachers' pension fund, could collect $3.64M in retirement

Money 03

Former state school employee Michael Tarantino, who retired in June 2018, saved $176,247 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, Tarantino would collect as much as $3.64 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Tarantino received $76,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tarantino will have already received $236,319 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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