Lake County Gazette

Lake County Gazette

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Former state school employee Tong paid in $12K to teachers' pension fund, could collect $273K in retirement

Schools

By Local Labs News Service | Mar 1, 2016

Money 02

Former state school employee Joann Tong, who retired in February 2016, saved $12,121 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tong would collect as much as $272,669, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Tong received $5,731 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tong will have already received $17,714 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Vernon Hills Community High School District 128

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