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Lake County Gazette

Monday, November 25, 2024

Former state school employee Kamin paid in $172K to teachers' pension fund, could collect $3.78M in retirement

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Former state school employee Larry Kamin, who retired in May 2016, saved $172,221 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, Kamin would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Kamin received $79,550 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kamin will have already received $245,882 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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