Lake County Gazette

Lake County Gazette

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Former state school employee Steinbrecher paid in $131K to teachers' pension fund, could collect $2.73M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Claudia Steinbrecher, who retired in June 2016, saved $131,382 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Steinbrecher would collect as much as $2.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Steinbrecher received $57,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Steinbrecher will have already received $177,643 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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