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South West Illinois News

Monday, November 25, 2024

Former state school employee Polino paid in $78K to teachers' pension fund, could collect $1.38M in retirement

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Former state school employee Susan Polino, who retired in May 2018, saved $78,175 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Polino would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Polino received $28,988 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Polino will have already received $89,600 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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