Former state school employee Puentes paid in $147K to teachers' pension fund, could collect $3.35M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Narcisco Puentes, who retired in June 2017, saved $146,555 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Puentes would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Puentes received $70,478 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Puentes will have already received $217,840 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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