Former state school employee Pratt paid in $94K to teachers' pension fund, could collect $1.97M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Penelope Pratt, who retired in June 2016, saved $94,089 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, Pratt would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Pratt received $41,336 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pratt will have already received $127,765 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Beach Park Community Consolidated School District 3 Board

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