Lake County Gazette

Lake County Gazette

Monday, December 9, 2019

Former state school employee Corchin paid in $135K to teachers' pension fund, could collect $2.23M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state school employee Jon Corchin, who retired in June 2017, saved $134,601 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Corchin would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Corchin received $46,785 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corchin will have already received $144,609 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Beach Park Community Consolidated School District 3

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