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

Schools

By Local Labs News Service | Jan 1, 2017

Shutterstock 197358977

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.

Want to get notified whenever we write about East Aurora School District 131 ?

Sign-up Next time we write about East Aurora School District 131, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

East Aurora School District 131

More News