Former state school employee Schwarz paid in $102K to teachers' pension fund, could collect $2.29M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Kathleen Schwarz, who retired in June 2017, saved $101,941 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Schwarz would collect as much as $2.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Schwarz received $48,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schwarz will have already received $148,777 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Waukegan Community Unit School District 60

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate