Sangamon Sun

Sangamon Sun

Friday, April 10, 2020

Former state school employee Pelc paid in $7K to teachers' pension fund, could collect $348K in retirement


By Local Labs News Service | Feb 1, 2018

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Former state school employee Joe Pelc, who retired in January 2018, saved $7,101 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pelc would collect as much as $347,532, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pelc received $7,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Pelc will have already received $7,304 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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