Lake County Gazette

Lake County Gazette

Friday, November 22, 2019

Former state school employee Norniella paid in $164K to teachers' pension fund, could collect $3.61M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 03

Former state school employee Bonnie Norniella, who retired in June 2016, saved $163,839 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Norniella would collect as much as $3.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Norniella received $75,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Norniella will have already received $234,686 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Waukegan Community Unit School District 60 ?

Sign-up Next time we write about Waukegan Community Unit School District 60, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Waukegan Community Unit School District 60

More News