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McHenry Times

Monday, May 20, 2024

Former state school employee Demartinis paid in $97K to teachers' pension fund, could collect $1.24M in retirement

Money272

Former state school employee Anthony Demartinis, who retired in May 2017, saved $97,126 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Demartinis would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Demartinis received $26,002 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Demartinis will have already received $108,782 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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