Former state school employee Wolfe paid in $51K to teachers' pension fund, could collect $731K in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Steven Wolfe, who retired in May 2016, saved $50,770 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wolfe would collect as much as $730,575, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Wolfe received $15,356 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wolfe will have already received $64,246 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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