Lake County Gazette

Lake County Gazette

Wednesday, November 13, 2019

Former state school employee Creadon paid in $54K to teachers' pension fund, could collect $1.08M in retirement

Schools

By Local Labs News Service | Nov 1, 2018

Money272

Former state school employee Susan Creadon, who retired in October 2018, saved $54,477 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, Creadon would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Creadon received $22,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Creadon will have already received $70,077 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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