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South Cook News

Thursday, December 26, 2024

Former state school employee Lastarria paid in $79K to teachers' pension fund, could collect $1.35M in retirement

Money 05

Former state school employee Kerry Lastarria, who retired in June 2016, saved $79,466 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lastarria would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Lastarria received $28,399 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lastarria will have already received $87,779 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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