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Lake County Gazette

Monday, November 25, 2024

Former state school employee Baker paid in $103K to teachers' pension fund, could collect $1.75M in retirement

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Former state school employee Janet Baker, who retired in March 2017, saved $103,053 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Baker received $36,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $113,788 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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