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Rockford Sun

Saturday, November 23, 2024

Former state school employee Fieldhouse paid in $75K to teachers' pension fund, could collect $1.3M in retirement

Money 07

Former state school employee Ronn Fieldhouse, who retired in October 2017, saved $75,458 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fieldhouse would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Fieldhouse received $27,413 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fieldhouse will have already received $84,730 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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