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South Cook News

Friday, April 19, 2024

Former state school employee Rauch paid in $257K to teachers' pension fund, could collect $6.82M in retirement

Money 02

Former state school employee Gary Rauch, who retired in July 2016, saved $256,516 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rauch would collect as much as $6.82 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Rauch received $143,290 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rauch will have already received $290,879 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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