Former state school employee Merten paid in $121K to teachers' pension fund, could collect $3.08M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Daniel Merten, who retired in June 2016, saved $120,693 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Merten would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Merten received $64,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Merten will have already received $131,365 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Kankakee School District 111

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate