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Lake County Gazette

Tuesday, April 23, 2024

Former state school employee Fortino paid in $32K to teachers' pension fund, could collect $788K in retirement

Money 07

Former state school employee Linda Fortino, who retired in October 2016, saved $31,582 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fortino would collect as much as $787,700, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Fortino received $16,556 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Fortino will have already received $33,609 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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