Former state school employee Clarke paid in $12K to teachers' pension fund, could collect $144K in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Laurence Clarke, who retired in May 2018, saved $12,267 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clarke would collect as much as $144,438, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Clarke received $3,036 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clarke will have already received $12,702 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Grant Community High School District 124

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