Former state school employee Binstein paid in $49K to teachers' pension fund, could collect $749K in retirement

By Local Labs News Service

Nov 1, 2016

Former state school employee Sandra Binstein, who retired in October 2016, saved $48,795 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Binstein would collect as much as $749,318, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Binstein received $15,750 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Binstein will have already received $65,894 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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