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Sangamon Sun

Monday, September 30, 2024

Former state school employee Kastner paid in $142K to teachers' pension fund, could collect $2.93M in retirement

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Former state school employee Paul Kastner, who retired in June 2017, saved $141,936 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kastner would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kastner received $61,674 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kastner will have already received $190,628 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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