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Former state school employee Seidel paid in $175K to teachers' pension fund, could collect $4.41M in retirement

Schools

By Local Labs News Service | Jul 1, 2016


Former state school employee Alan Seidel, who retired in June 2016, saved $175,324 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Seidel would collect as much as $4.41 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Seidel received $92,739 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Seidel will have already received $188,260 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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