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Former state school employee Rick paid in $199K to teachers' pension fund, could collect $4.04M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state school employee Norman Rick, who retired in June 2017, saved $199,382 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, Rick would collect as much as $4.04 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Rick received $84,972 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rick will have already received $262,640 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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