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Grundy Reporter

Sunday, May 19, 2024

Former state school employee Marizza paid in $133K to teachers' pension fund, could collect $2.96M in retirement

Money 07

Former state school employee Laura Marizza, who retired in May 2017, saved $132,705 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Marizza would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Marizza received $62,232 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marizza will have already received $192,353 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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