Prairie State Wire

Prairie State Wire

Monday, October 21, 2019

Former state school employee Weinberg paid in $30K to teachers' pension fund, could collect $479K in retirement

Schools

By Local Labs News Service | Jul 1, 2018


Former state school employee Dean Weinberg, who retired in June 2018, saved $29,627 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weinberg would collect as much as $479,217, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Weinberg received $10,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weinberg will have already received $31,131 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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