Kane County Reporter

Kane County Reporter

Monday, January 27, 2020

Former state school employee Rivas paid in $48K to teachers' pension fund, could collect $1.23M in retirement


By Local Labs News Service | Jan 1, 2017

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Former state school employee Jose Rivas, who retired in December 2016, saved $47,918 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rivas would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Rivas received $25,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rivas will have already received $52,599 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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