Former state school employee Phillips paid in $254K to teachers' pension fund, could collect $7.07M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Diane Phillips, who retired in June 2018, saved $254,485 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, Phillips would collect as much as $7.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Phillips received $148,698 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Phillips will have already received $301,857 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Vernon Hills Community High School District 128

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