Former state school employee Clarke paid in $149K to teachers' pension fund, could collect $3.12M in retirement

By Local Labs News Service

Aug 1, 2016

Former state school employee Cindy Clarke, who retired in July 2016, saved $149,200 toward a pension over 38 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 $3.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Clarke received $65,621 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clarke will have already received $202,829 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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