Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee Johnson paid in $188K to teachers' pension fund, could collect $2.95M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money759

Former state school employee Susan Johnson, who retired in December 2017, saved $187,836 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, Johnson would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Johnson received $61,958 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $191,507 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Township High School District 113

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