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Lake County Gazette

Monday, November 25, 2024

Former state school employee Sutherland paid in $201K to teachers' pension fund, could collect $3.03M in retirement

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Former state school employee Jimmy Sutherland, who retired in May 2016, saved $201,311 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sutherland would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Sutherland received $63,724 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sutherland will have already received $266,598 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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