Former state school employee Neubauer paid in $159K to teachers' pension fund, could collect $2.81M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Jeff Neubauer, who retired in May 2018, saved $159,204 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, Neubauer would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Neubauer received $58,963 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Neubauer will have already received $182,249 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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