Former state school employee Bolek paid in $395K to teachers' pension fund, could collect $10.49M in retirement

By Local Labs News Service

Dec 1, 2017

Former state school employee Barry Bolek, who retired in November 2017, saved $394,819 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, Bolek would collect as much as $10.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bolek received $220,486 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bolek will have already received $447,587 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Township High School District 113 Board

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