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Former state school employee Velazquez Greene paid in $87K to teachers' pension fund, could collect $1.14M in retirement

Schools

By Local Labs News Service | Apr 1, 2017

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Former state school employee Naomi Velazquez Greene, who retired in March 2017, saved $87,049 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Velazquez Greene would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Velazquez Greene received $24,015 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Velazquez Greene will have already received $100,468 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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