Dupage Policy Journal

Dupage Policy Journal

Tuesday, October 22, 2019

Former state school employee Caliendo paid in $171K to teachers' pension fund, could collect $4.11M in retirement

Schools

By Local Labs News Service | Jul 1, 2018


Former state school employee Cynthia Caliendo, who retired in June 2018, saved $171,218 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Caliendo would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Caliendo received $86,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Caliendo will have already received $175,185 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Westmont Community Unit School District 201

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