Former state school employee Palmisano paid in $156K to teachers' pension fund, could collect $2.5M in retirement

By Local Labs News Service

Mar 1, 2016

Former state school employee Linda Palmisano, who retired in February 2016, saved $156,288 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Palmisano would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Palmisano received $52,491 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Palmisano will have already received $162,245 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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