Former state school employee Baker paid in $86K to teachers' pension fund, could collect $2.1M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Linda Baker, who retired in May 2016, saved $86,114 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, Baker would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Baker received $44,107 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Baker will have already received $89,537 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Prophetstown-Lyndon-Tampico Community Unit School District 3

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