Former state school employee Richter paid in $138K to teachers' pension fund, could collect $3.21M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Julie Richter, who retired in June 2017, saved $138,112 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Richter would collect as much as $3.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Richter received $67,395 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richter will have already received $208,312 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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