Lake County Gazette

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Former state school employee Graham paid in $49K to teachers' pension fund, could collect $680K in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 06

Former state school employee Garry Graham, who retired in June 2018, saved $49,105 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Graham would collect as much as $680,044, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Graham received $14,294 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Graham will have already received $59,802 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Round Lake Community Unit School District 116

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