Lake County Gazette

Lake County Gazette

Tuesday, November 12, 2019

Former state school employee Goldfarb paid in $35K to teachers' pension fund, could collect $527K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Gail Goldfarb, who retired in June 2016, saved $35,128 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, Goldfarb would collect as much as $526,990, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Goldfarb received $11,076 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Goldfarb will have already received $46,337 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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