Lake County Gazette

Lake County Gazette

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Former state school employee Driver paid in $107K to teachers' pension fund, could collect $2.06M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money272

Former state school employee Catherine Driver, who retired in June 2016, saved $106,571 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Driver would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Driver received $43,329 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Driver will have already received $133,926 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lake Bluff Elementary School District 65

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