Dupage Policy Journal

Dupage Policy Journal

Tuesday, November 19, 2019

Former state school employee Iannelli paid in $43K to teachers' pension fund, could collect $835K in retirement


By Local Labs News Service | Jun 1, 2017

Money 04

Former state school employee Maryjo Iannelli, who retired in May 2017, saved $42,602 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, Iannelli would collect as much as $835,045, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Iannelli received $17,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Iannelli will have already received $54,252 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Downers Grove Grade School District 58

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