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Lake County Gazette

Thursday, April 17, 2025

Former state school employee Swanson paid in $209K to teachers' pension fund, could collect $5.41M in retirement

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Former state school employee Paul Swanson, who retired in June 2016, saved $209,434 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swanson would collect as much as $5.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Swanson received $113,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Swanson will have already received $231,040 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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