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Lake County Gazette

Friday, April 26, 2024

Former state school employee Miller paid in $168K to teachers' pension fund, could collect $3.34M in retirement

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Former state school employee Mary Miller, who retired in June 2016, saved $168,326 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $3.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Miller received $70,191 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $216,954 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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