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Kankakee Times

Friday, April 26, 2024

Former state school employee Levek paid in $253K to teachers' pension fund, could collect $5.69M in retirement

Money 04

Former state school employee Richard Levek, who retired in July 2016, saved $252,846 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Levek would collect as much as $5.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Levek received $119,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Levek will have already received $369,717 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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