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Lake County Gazette

Thursday, May 1, 2025

Former state school employee Scholz Raben paid in $140K to teachers' pension fund, could collect $2.86M in retirement

Money 02

Former state school employee Jane Scholz Raben, who retired in June 2016, saved $139,742 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, Scholz Raben would collect as much as $2.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Scholz Raben received $60,123 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scholz Raben will have already received $185,835 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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