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Lake County Gazette

Monday, November 25, 2024

Former state school employee Garcia paid in $53K to teachers' pension fund, could collect $936K in retirement

Money 01

Former state school employee Carmen Garcia, who retired in May 2016, saved $53,366 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garcia would collect as much as $936,472, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Garcia received $19,683 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia will have already received $60,837 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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