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Lake County Gazette

Monday, November 25, 2024

Former state school employee Gordon paid in $218K to teachers' pension fund, could collect $4.94M in retirement

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Former state school employee Kimberly Gordon, who retired in May 2016, saved $217,519 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, Gordon would collect as much as $4.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Gordon received $103,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gordon will have already received $320,901 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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