Kankakee Times

Kankakee Times

Monday, December 9, 2019

Former state school employee Zumwalt paid in $171K to teachers' pension fund, could collect $3.35M in retirement

Schools

By Local Labs News Service | May 1, 2017

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Former state school employee Cynthia Zumwalt, who retired in April 2017, saved $170,677 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zumwalt would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Zumwalt received $70,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zumwalt will have already received $217,353 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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