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McHenry Times

Tuesday, November 19, 2024

Former state school employee Schisler paid in $198K to teachers' pension fund, could collect $4.11M in retirement

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Former state school employee Richard Schisler, who retired in July 2017, saved $197,910 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schisler would collect as much as $4.11 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Schisler received $86,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schisler will have already received $266,757 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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