Quantcast

DeKalb Times

Monday, December 23, 2024

Former state school employee Berkman paid in $153K to teachers' pension fund, could collect $2.83M in retirement

Money 05

Former state school employee Louis Berkman, who retired in June 2016, saved $152,670 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Berkman would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Berkman received $59,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berkman will have already received $184,169 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS