Lake County Gazette

Lake County Gazette

Friday, November 15, 2019

Former state school employee Shapiro paid in $177K to teachers' pension fund, could collect $3.92M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Julie Shapiro, who retired in June 2018, saved $177,418 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shapiro would collect as much as $3.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Shapiro received $82,361 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shapiro will have already received $254,570 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Woodland Community Consolidated School District 50

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