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West Central Reporter

Wednesday, April 24, 2024

Former state school employee Zarello paid in $43K to teachers' pension fund, could collect $608K in retirement

Money759

Former state school employee Jane Zarello, who retired in June 2018, saved $43,382 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zarello would collect as much as $607,711, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Zarello received $12,773 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zarello will have already received $53,438 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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