Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state school employee White paid in $161K to teachers' pension fund, could collect $3.4M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Lance White, who retired in June 2018, saved $161,155 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, White would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes White received $71,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $221,104 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Round Lake Community Unit School District 116

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