Former state school employee Boumstein paid in $70K to teachers' pension fund, could collect $1.13M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Mark Boumstein, who retired in June 2018, saved $69,799 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Boumstein would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Boumstein received $23,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Boumstein will have already received $73,428 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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