Former state school employee Neuherz paid in $148K to teachers' pension fund, could collect $3.75M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Steven Neuherz, who retired in May 2017, saved $148,413 toward a pension over 47 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Neuherz would collect as much as $3.75 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Neuherz received $78,862 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Neuherz will have already received $160,090 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Erie Community Unit School District 1

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