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

Schools

By Local Labs News Service | Nov 1, 2018

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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.

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