Kankakee Times

Kankakee Times

Monday, December 9, 2019

Former state school employee Meyer paid in $143K to teachers' pension fund, could collect $3.29M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

Money 07

Former state school employee Johann Meyer, who retired in June 2017, saved $142,620 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, Meyer would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Meyer received $69,231 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meyer will have already received $213,986 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Iroquois West Community Unit School District 10

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