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Lake County Gazette

Wednesday, October 1, 2025

Former state school employee Burke paid in $56K to teachers' pension fund, could collect $849K in retirement

Money 02

Former state school employee Richard Burke, who retired in June 2017, saved $56,041 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burke would collect as much as $848,775, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Burke received $17,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Burke will have already received $74,635 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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