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South Cook News

Tuesday, October 8, 2024

Former state school employee Nebor paid in $503K to teachers' pension fund, could collect $13.67M in retirement

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Former state school employee Jon Nebor, who retired in July 2017, saved $503,393 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, Nebor would collect as much as $13.67 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Nebor received $287,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Nebor will have already received $583,103 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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