Quantcast

DeKalb Times

Thursday, November 21, 2024

Former state school employee Rader paid in $7K to teachers' pension fund, could collect $149K in retirement

Shutterstock 443523112

Former state school employee Robert Rader, who retired in March 2017, saved $6,576 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rader would collect as much as $149,428, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Rader received $3,140 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rader will have already received $9,705 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS