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Rockford Sun

Tuesday, December 24, 2024

Former state school employee Wegner paid in $53K to teachers' pension fund, could collect $697K in retirement

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Former state school employee Gregory Wegner, who retired in May 2017, saved $53,414 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wegner would collect as much as $696,795, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Wegner received $14,646 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wegner will have already received $61,273 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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