Former state school employee Loncrini paid in $114K to teachers' pension fund, could collect $2.1M in retirement

By Local Labs News Service

Dec 1, 2018

Former state school employee Gael Loncrini, who retired in November 2018, saved $113,951 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Loncrini would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Loncrini received $44,067 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Loncrini will have already received $136,207 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Lake Zurich Community Unit School District 95 Board

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate