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McHenry Times

Saturday, April 20, 2024

Former state school employee Kustief paid in $132K to teachers' pension fund, could collect $2.29M in retirement

Money 04

Former state school employee Michelene Kustief, who retired in May 2016, saved $131,727 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, Kustief would collect as much as $2.29 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Kustief received $48,104 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kustief will have already received $148,684 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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