Lake County Gazette

Lake County Gazette

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Former state school employee Andriola paid in $139K to teachers' pension fund, could collect $2.71M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money 08

Former state school employee Vito Andriola, who retired in December 2016, saved $139,366 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andriola would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Andriola received $56,926 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andriola will have already received $175,953 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Grant Community High School District 124

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