Quantcast

Lake County Gazette

Saturday, April 20, 2024

Former state school employee Proctor paid in $156K to teachers' pension fund, could collect $3.53M in retirement

Shutterstock 469426916

Former state school employee Patricia Proctor, who retired in May 2018, saved $156,318 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Proctor would collect as much as $3.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Proctor received $74,154 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Proctor will have already received $229,203 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS