Quantcast

Dupage Policy Journal

Thursday, April 25, 2024

Former state school employee Martello paid in $195K to teachers' pension fund, could collect $4.35M in retirement

Money 07

Former state school employee Debra Martello, who retired in June 2018, saved $194,697 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, Martello would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Martello received $91,502 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martello will have already received $282,823 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS