Former state school employee Geremia paid in $103K to teachers' pension fund, could collect $1.87M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Lucille Geremia, who retired in June 2017, saved $103,336 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Geremia would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Geremia received $39,253 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Geremia will have already received $121,328 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Beach Park Community Consolidated School District 3 Board

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