Former state school employee Lagos paid in $70K to teachers' pension fund, could collect $1.14M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Patrice Lagos, who retired in June 2017, saved $70,102 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lagos would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Lagos received $23,954 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lagos will have already received $74,040 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Hawthorn Community Consolidated School District 73 Board

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate