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Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Waspi paid in $156K to teachers' pension fund, could collect $3.57M in retirement

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Former state school employee Jean Waspi, who retired in January 2017, saved $155,586 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Waspi would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Waspi received $75,023 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Waspi will have already received $231,889 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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