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South Cook News

Wednesday, December 25, 2024

Former state school employee Krueger paid in $150K to teachers' pension fund, could collect $2.77M in retirement

Money 02

Former state school employee William Krueger, who retired in May 2017, saved $149,885 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Krueger would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Krueger received $58,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Krueger will have already received $179,695 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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