Former state school employee Cepeda paid in $21K to teachers' pension fund, could collect $306K in retirement

By Local Labs News Service

Oct 1, 2018

Former state school employee Jose Cepeda, who retired in September 2018, saved $20,501 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cepeda would collect as much as $305,873, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Cepeda received $6,429 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cepeda will have already received $26,898 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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North Chicago School District 187

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