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Rockford Sun

Tuesday, November 26, 2024

Former state school employee Weber paid in $56K to teachers' pension fund, could collect $779K in retirement

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Former state school employee Shari Weber, who retired in December 2017, saved $55,717 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weber would collect as much as $778,760, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Weber received $16,368 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Weber will have already received $68,478 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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