Lake County Gazette

Lake County Gazette

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Former state school employee Harris paid in $89K to teachers' pension fund, could collect $1.88M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money 05

Former state school employee Ellen Harris, who retired in December 2016, saved $89,314 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harris would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Harris received $39,411 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harris will have already received $121,815 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Woodland Community Consolidated School District 50

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