Former state school employee Bates paid in $161K to teachers' pension fund, could collect $2.97M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Irma Bates, who retired in July 2017, saved $161,482 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bates would collect as much as $2.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bates received $62,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bates will have already received $193,040 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Barrington Community Unit School District 220

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