Lake County Gazette

Lake County Gazette

Friday, November 15, 2019

Former state school employee Smith paid in $154K to teachers' pension fund, could collect $3.45M in retirement

Schools

By Local Labs News Service | Nov 1, 2018

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Former state school employee Willard Smith, who retired in October 2018, saved $153,510 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $3.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Smith received $72,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $224,207 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Antioch Community Consolidated School District 34

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