Lake County Gazette

Lake County Gazette

Saturday, November 16, 2019

Former state school employee Schmidt paid in $8K to teachers' pension fund, could collect $144K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Shutterstock 267646277

Former state school employee Joel Schmidt, who retired in June 2016, saved $7,894 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schmidt would collect as much as $143,576, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Schmidt received $3,017 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schmidt will have already received $9,326 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Lake Zurich Community Unit School District 95 ?

Sign-up Next time we write about Lake Zurich Community Unit School District 95, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Lake Zurich Community Unit School District 95

More News