Former state school employee Kaufman paid in $87K to teachers' pension fund, could collect $1.5M in retirement

By Local Labs News Service

Nov 1, 2016

Former state school employee Lynn Kaufman, who retired in October 2016, saved $86,815 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kaufman would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Kaufman received $31,632 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kaufman will have already received $97,771 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Oregon Community Unit School District 220

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