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Lake County Gazette

Tuesday, April 23, 2024

Former state school employee Whitmer paid in $71K to teachers' pension fund, could collect $1.5M in retirement

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Former state school employee Sharanne Whitmer, who retired in June 2017, saved $70,681 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Whitmer would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Whitmer received $31,503 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Whitmer will have already received $97,372 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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