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Lake County Gazette

Friday, April 26, 2024

Former state school employee Stover paid in $73K to teachers' pension fund, could collect $1.14M in retirement

Money 05

Former state school employee Stephanie Stover, who retired in November 2016, saved $73,254 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, Stover 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 Stover received $23,912 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stover will have already received $73,909 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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