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Kane County Reporter

Sunday, September 29, 2024

Former state school employee Polachek paid in $111K to teachers' pension fund, could collect $1.93M in retirement

Money 01

Former state school employee Patricia Polachek, who retired in May 2016, saved $111,408 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Polachek would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Polachek received $40,635 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Polachek will have already received $125,599 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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