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Sangamon Sun

Monday, September 30, 2024

Former state school employee Manzi paid in $196K to teachers' pension fund, could collect $4.18M in retirement

Money 05

Former state school employee Faye Manzi, who retired in June 2017, saved $196,326 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Manzi would collect as much as $4.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Manzi received $87,849 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Manzi will have already received $271,532 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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