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Kankakee Times

Friday, April 26, 2024

Former state school employee Szanyi paid in $28K to teachers' pension fund, could collect $1.15M in retirement

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Former state school employee Ronald Szanyi, who retired in April 2018, saved $27,590 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Szanyi would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Szanyi received $24,085 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Szanyi will have already received $48,893 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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