Former state school employee Meyer paid in $70K to teachers' pension fund, could collect $1.41M in retirement

By Local Labs News Service

Apr 1, 2018

Former state school employee Paul Meyer, who retired in March 2018, saved $70,124 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Meyer would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Meyer received $29,557 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meyer will have already received $91,358 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Harvard Community Unit School District 50

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