Former state school employee Korthauer paid in $133K to teachers' pension fund, could collect $3.11M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee David Korthauer, who retired in June 2018, saved $132,549 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Korthauer would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Korthauer received $65,314 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Korthauer will have already received $132,587 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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