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Rockford Sun

Saturday, November 23, 2024

Former state school employee Buscemi paid in $164K to teachers' pension fund, could collect $3.92M in retirement

Money 04

Former state school employee Lynn Buscemi, who retired in June 2016, saved $164,463 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Buscemi would collect as much as $3.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Buscemi received $82,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Buscemi will have already received $167,290 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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