Quantcast

Dupage Policy Journal

Friday, April 19, 2024

Former state school employee Laufenberg paid in $20K to teachers' pension fund, could collect $665K in retirement

Shutterstock 113962678

Former state school employee Robert Laufenberg, who retired in April 2017, saved $19,772 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, Laufenberg would collect as much as $664,818, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Laufenberg received $13,974 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Laufenberg will have already received $28,367 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS