Former state school employee Ruffolo paid in $135K to teachers' pension fund, could collect $2.62M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Mary Ruffolo, who retired in June 2018, saved $134,623 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ruffolo would collect as much as $2.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Ruffolo received $55,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ruffolo will have already received $170,525 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lake Villa Community Consolidated School District 41

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