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Kane County Reporter

Thursday, April 18, 2024

Former state school employee Prombo paid in $123K to teachers' pension fund, could collect $1.91M in retirement

Money272

Former state school employee Michael Prombo, who retired in June 2018, saved $123,110 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Prombo would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Prombo received $40,063 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prombo will have already received $123,831 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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