Former state school employee Wiemeler paid in $83K to teachers' pension fund, could collect $1.36M in retirement

Former state school employee Steven Wiemeler, who retired in June 2018, saved $82,799 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wiemeler would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Wiemeler received $28,655 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wiemeler will have already received $88,570 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.