Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee Seaver paid in $87K to teachers' pension fund, could collect $1.84M in retirement


By Local Labs News Service | Nov 1, 2018

Shutterstock 443523112

Former state school employee Craig Seaver, who retired in October 2018, saved $87,275 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Seaver would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Seaver received $38,663 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Seaver will have already received $119,504 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 Emmons School District 33 ?

Sign-up Next time we write about Emmons School District 33, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Emmons School District 33

More News