Former state school employee Cathy Baker, who retired in July 2017, saved $177,965 toward a pension over 29 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 $4.54 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.
The projection assumes Baker received $95,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 2 years of retirement, Baker will have already received $193,824 in retirement benefits, or more than the sum total of the retiree’s contributions to the teachers’ pension fund.
