Former state school employee Bermeo paid in $163K to teachers' pension fund, could collect $3.58M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Franklin Bermeo, who retired in June 2016, saved $162,661 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bermeo would collect as much as $3.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bermeo received $75,239 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bermeo will have already received $232,556 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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