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Kendall County Times

Saturday, November 23, 2024

Former state school employee Razo paid in $105K to teachers' pension fund, could collect $2.83M in retirement

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Former state school employee Frank Razo, who retired in May 2016, saved $104,736 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Razo would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Razo received $59,532 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Razo will have already received $120,850 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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