Former state school employee Gervase Franson paid in $41K to teachers' pension fund, could collect $1.16M in retirement

By Local Labs News Service

Mar 1, 2017

Former state school employee Michele Gervase Franson, who retired in February 2017, saved $41,033 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gervase Franson would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Gervase Franson received $24,425 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gervase Franson will have already received $49,583 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Township High School District 113 Board

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