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Will County Gazette

Monday, November 25, 2024

Former state school employee Fiske paid in $214K to teachers' pension fund, could collect $3.23M in retirement

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Former state school employee Joseph Fiske, who retired in May 2016, saved $213,683 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fiske would collect as much as $3.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Fiske received $67,809 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fiske will have already received $283,686 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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