Former state school employee Schmelzle paid in $124K to teachers' pension fund, could collect $2.98M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee David Schmelzle, who retired in May 2017, saved $123,672 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schmelzle would collect as much as $2.98 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Schmelzle received $62,702 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schmelzle will have already received $127,285 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Yorkville Community Unit School District 115

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