Former state school employee Bessette paid in $165K to teachers' pension fund, could collect $4.08M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Frank Bessette, who retired in June 2017, saved $165,260 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bessette would collect as much as $4.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bessette received $85,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bessette will have already received $173,930 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Antioch Community Consolidated School District 34 Board

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate