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Will County Gazette

Monday, November 25, 2024

Former state school employee Fiorelli paid in $77K to teachers' pension fund, could collect $1.41M in retirement

Money 03

Former state school employee Madonna Fiorelli, who retired in May 2016, saved $77,230 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fiorelli would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Fiorelli received $29,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fiorelli will have already received $91,602 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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