Lake County Gazette

Lake County Gazette

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Former state school employee Sandkam paid in $44K to teachers' pension fund, could collect $957K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 08

Former state school employee Gregory Sandkam, who retired in December 2017, saved $43,596 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sandkam would collect as much as $957,002, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Sandkam received $20,115 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sandkam will have already received $62,173 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Round Lake Community Unit School District 116

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