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Will County Gazette

Sunday, November 24, 2024

Former state school employee Scarcelli paid in $71K to teachers' pension fund, could collect $1.19M in retirement

Money 07

Former state school employee Theresa Scarcelli, who retired in May 2016, saved $71,339 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scarcelli would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Scarcelli received $24,925 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scarcelli will have already received $77,041 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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