Lake County Gazette

Lake County Gazette

Sunday, November 17, 2019

Former state school employee Butterfield paid in $225K to teachers' pension fund, could collect $5.32M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Janet Butterfield, who retired in June 2018, saved $224,911 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, Butterfield would collect as much as $5.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Butterfield received $111,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Butterfield will have already received $226,802 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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