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Will County Gazette

Saturday, November 23, 2024

Former state school employee Schober paid in $152K to teachers' pension fund, could collect $3.85M in retirement

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Former state school employee Linda Schober, who retired in June 2016, saved $151,677 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schober would collect as much as $3.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Schober received $81,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schober will have already received $164,462 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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