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McHenry Times

Monday, November 25, 2024

Former state school employee Bevevino paid in $210K to teachers' pension fund, could collect $4.12M in retirement

Money 08

Former state school employee Jean Bevevino, who retired in July 2016, saved $209,998 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, Bevevino would collect as much as $4.12 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Bevevino received $86,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bevevino will have already received $267,480 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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