Former state school employee Schneider paid in $24K to teachers' pension fund, could collect $692K in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Sylvia Schneider, who retired in January 2016, saved $23,697 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schneider would collect as much as $691,611, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Schneider received $14,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schneider will have already received $29,510 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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West Carroll Community Unit School District 314 Board

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