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Will County Gazette

Friday, April 26, 2024

Former state school employee Perz paid in $61K to teachers' pension fund, could collect $839K in retirement

Money 08

Former state school employee Lucille Perz, who retired in June 2016, saved $61,335 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Perz would collect as much as $839,241, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Perz received $17,640 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Perz will have already received $73,798 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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