Former state school employee Bassewitz paid in $80K to teachers' pension fund, could collect $1.34M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Sheri Bassewitz, who retired in June 2016, saved $79,931 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, Bassewitz would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bassewitz received $28,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bassewitz will have already received $87,083 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Deerfield School District 109

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