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South Cook News

Saturday, November 23, 2024

Former state school employee Wiegman paid in $26K to teachers' pension fund, could collect $416K in retirement

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Former state school employee Vanetta Wiegman, who retired in November 2016, saved $25,748 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wiegman would collect as much as $416,041, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Wiegman received $8,744 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wiegman will have already received $27,026 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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