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Peoria Standard

Friday, April 19, 2024

Former state school employee Rumba paid in $42K to teachers' pension fund, could collect $1.38M in retirement

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Former state school employee Cary Rumba, who retired in March 2017, saved $42,063 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rumba would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Rumba received $29,086 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rumba will have already received $59,045 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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