Former state school employee Schwab paid in $130K to teachers' pension fund, could collect $2.25M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Carol Schwab, who retired in June 2016, saved $130,295 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schwab would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Schwab received $47,328 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schwab will have already received $146,286 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Waukegan Community Unit School District 60

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