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Dupage Policy Journal

Monday, November 25, 2024

Former state school employee Weiss paid in $75K to teachers' pension fund, could collect $1.69M in retirement

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Former state school employee Cindy Weiss, who retired in May 2017, saved $74,696 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weiss would collect as much as $1.69 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Weiss received $35,519 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weiss will have already received $109,787 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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