Former state school employee Reinhardt paid in $99K to teachers' pension fund, could collect $1.26M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Keith Reinhardt, who retired in July 2017, saved $99,458 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reinhardt would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Reinhardt received $26,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Reinhardt will have already received $110,532 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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