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Kane County Reporter

Tuesday, November 26, 2024

Former state school employee Rathe paid in $13K to teachers' pension fund, could collect $620K in retirement

Money 01

Former state school employee James Rathe, who retired in October 2017, saved $13,067 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rathe would collect as much as $620,459, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Rathe received $13,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rathe will have already received $26,473 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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