Quantcast

Lake County Gazette

Monday, November 25, 2024

Former state school employee Orlowski paid in $90K to teachers' pension fund, could collect $1.55M in retirement

Money 01

Former state school employee Susan Orlowski, who retired in March 2017, saved $90,472 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Orlowski would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Orlowski received $32,549 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Orlowski will have already received $100,605 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS