Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee Garnant paid in $4K to teachers' pension fund, could collect $65K in retirement

Schools

By Local Labs News Service | Nov 1, 2018

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Former state school employee Michael Garnant, who retired in October 2018, saved $3,507 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Garnant would collect as much as $64,803, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Garnant received $1,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garnant will have already received $4,210 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Barrington Community Unit School District 220

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