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Lake County Gazette

Saturday, April 27, 2024

Former state school employee Brumm paid in $131K to teachers' pension fund, could collect $2.62M in retirement

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Former state school employee Joan Brumm, who retired in May 2018, saved $130,506 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brumm would collect as much as $2.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Brumm received $55,085 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brumm will have already received $170,263 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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