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Will County Gazette

Saturday, November 23, 2024

Former state school employee Politano paid in $109K to teachers' pension fund, could collect $2.55M in retirement

Money759

Former state school employee Linda Politano, who retired in June 2016, saved $108,912 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Politano would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Politano received $53,627 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Politano will have already received $165,756 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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