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Lake County Gazette

Friday, April 19, 2024

Former state school employee Sandberg paid in $80K to teachers' pension fund, could collect $1.44M in retirement

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Former state school employee Jill Sandberg, who retired in November 2018, saved $79,757 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sandberg would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Sandberg received $30,179 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sandberg will have already received $93,280 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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