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Lake County Gazette

Tuesday, July 1, 2025

Former state school employee Smith paid in $68K to teachers' pension fund, could collect $1.14M in retirement

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Former state school employee Laura Smith, who retired in August 2018, saved $67,854 toward a pension over 12 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 $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Smith received $23,936 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $73,984 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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