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Rockford Sun

Saturday, November 23, 2024

Former state school employee Portillo paid in $159K to teachers' pension fund, could collect $2.73M in retirement

Money 05

Former state school employee Edward Portillo, who retired in June 2016, saved $158,737 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Portillo would collect as much as $2.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Portillo received $57,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Portillo will have already received $177,300 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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