Quantcast

McHenry Times

Monday, November 25, 2024

Former state school employee Donato paid in $210K to teachers' pension fund, could collect $4.34M in retirement

Shutterstock 443523112

Former state school employee William Donato, who retired in May 2016, saved $210,059 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Donato would collect as much as $4.34 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Donato received $91,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Donato will have already received $281,926 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS