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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Zarchy paid in $18K to teachers' pension fund, could collect $429K in retirement

Money 02

Former state school employee Roberta Zarchy, who retired in June 2016, saved $17,521 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zarchy would collect as much as $429,023, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Zarchy received $9,017 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zarchy will have already received $18,305 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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