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Lake County Gazette

Friday, November 22, 2024

Former state school employee Bragman paid in $33K to teachers' pension fund, could collect $646K in retirement

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Former state school employee Steven Bragman, who retired in April 2016, saved $32,714 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bragman would collect as much as $646,412, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Bragman received $13,587 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bragman will have already received $41,997 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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