Lake County Gazette

Lake County Gazette

Monday, November 18, 2019

Former state school employee Romeo paid in $34K to teachers' pension fund, could collect $1.05M in retirement

Schools

By Local Labs News Service | Nov 1, 2018

Money 08

Former state school employee Nora Romeo, who retired in October 2018, saved $33,521 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Romeo would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Romeo received $22,109 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Romeo will have already received $44,881 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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