Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee Bailey paid in $77K to teachers' pension fund, could collect $1.42M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money 01

Former state school employee Susan Bailey, who retired in December 2016, saved $76,822 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bailey would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bailey received $29,924 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bailey will have already received $92,493 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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