Dupage Policy Journal

Dupage Policy Journal

Tuesday, December 10, 2019

Former state school employee Weber paid in $262K to teachers' pension fund, could collect $5.73M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 07

Former state school employee Timothy Weber, who retired in December 2017, saved $261,984 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, Weber would collect as much as $5.73 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Weber received $120,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weber will have already received $372,318 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Glenbard Township High School District 87

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