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Lake County Gazette

Thursday, April 17, 2025

Former state school employee Barrett paid in $98K to teachers' pension fund, could collect $1.67M in retirement

Money 07

Former state school employee Freddi Barrett, who retired in June 2016, saved $98,330 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barrett would collect as much as $1.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Barrett received $35,198 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barrett will have already received $108,794 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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