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Lake County Gazette

Monday, November 25, 2024

Former state school employee Skeffington paid in $81K to teachers' pension fund, could collect $1.8M in retirement

Money 04

Former state school employee Nancy Skeffington, who retired in May 2016, saved $80,803 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Skeffington would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Skeffington received $37,823 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Skeffington will have already received $116,908 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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