Former state school employee Mayer paid in $46K to teachers' pension fund, could collect $643K in retirement

By Local Labs News Service

Mar 1, 2017

Former state school employee Katherine Mayer, who retired in February 2017, saved $45,796 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mayer would collect as much as $643,301, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Mayer received $13,521 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mayer will have already received $56,568 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Amboy Community Unit School District 272

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