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West Central Reporter

Saturday, November 23, 2024

Former state school employee Latko paid in $65K to teachers' pension fund, could collect $1.01M in retirement

Money 03

Former state school employee John Latko, who retired in May 2017, saved $64,825 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Latko would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Latko received $21,305 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Latko will have already received $65,851 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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