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Sangamon Sun

Wednesday, April 24, 2024

Former state school employee Nika paid in $211K to teachers' pension fund, could collect $4.17M in retirement

Money 05

Former state school employee Robert Nika, who retired in June 2018, saved $211,248 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, Nika would collect as much as $4.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Nika received $87,652 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nika will have already received $270,924 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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