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Former state school employee Rennels paid in $204K to teachers' pension fund, could collect $3.7M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state school employee M. Rennels, who retired in June 2017, saved $204,172 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rennels would collect as much as $3.7 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Rennels received $77,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rennels will have already received $240,538 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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