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Kane County Reporter

Friday, April 26, 2024

Former state school employee Renteria paid in $115K to teachers' pension fund, could collect $1.86M in retirement

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Former state school employee Miguel Renteria, who retired in April 2016, saved $114,519 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Renteria would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Renteria received $38,993 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Renteria will have already received $120,524 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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