Lake County Gazette

Lake County Gazette

Friday, November 15, 2019

Former state school employee Goodwin paid in $231K to teachers' pension fund, could collect $6.73M in retirement


By Local Labs News Service | Jul 1, 2018

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Former state school employee Patricia Goodwin, who retired in June 2018, saved $231,380 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Goodwin would collect as much as $6.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Goodwin received $141,371 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Goodwin will have already received $286,983 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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