Former state school employee Zeiss paid in $55K to teachers' pension fund, could collect $781K in retirement

By West Cook News

Jun 1, 2016

Former state school employee Catherine Zeiss, who retired in May 2016, saved $54,960 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, Zeiss would collect as much as $780,900, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Zeiss received $16,413 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zeiss will have already received $68,664 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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