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Will County Gazette

Sunday, November 24, 2024

Former state school employee Szoke paid in $53K to teachers' pension fund, could collect $816K in retirement

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Former state school employee Donna Szoke, who retired in May 2016, saved $52,580 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Szoke would collect as much as $816,474, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Szoke received $17,161 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Szoke will have already received $53,043 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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