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Grundy Reporter

Saturday, June 7, 2025

Former state school employee Schaefer paid in $79K to teachers' pension fund, could collect $1.64M in retirement

Money 08

Former state school employee Kathy Schaefer, who retired in May 2016, saved $79,102 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schaefer would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Schaefer received $34,404 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schaefer will have already received $106,339 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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