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Lake County Gazette

Sunday, June 29, 2025

Former state school employee Kolb paid in $92K to teachers' pension fund, could collect $1.58M in retirement

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Former state school employee Susanne Kolb, who retired in June 2017, saved $92,415 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kolb would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Kolb received $33,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kolb will have already received $102,525 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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