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East Central Reporter

Tuesday, April 16, 2024

Former state school employee Leichty paid in $89K to teachers' pension fund, could collect $1.71M in retirement

Money 02

Former state school employee Steven Leichty, who retired in May 2018, saved $88,559 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Leichty would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Leichty received $36,028 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Leichty will have already received $111,359 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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