Quantcast

South Cook News

Tuesday, December 24, 2024

Former state school employee Pedroni paid in $206K to teachers' pension fund, could collect $4.59M in retirement

Shutterstock 65427295

Former state school employee Crystal Pedroni, who retired in June 2016, saved $206,387 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, Pedroni would collect as much as $4.59 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Pedroni received $96,525 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pedroni will have already received $298,350 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS