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East Central Reporter

Thursday, April 25, 2024

Former state school employee Baker paid in $109K to teachers' pension fund, could collect $2.17M in retirement

Money 06

Former state school employee Diane Baker, who retired in May 2017, saved $108,993 toward a pension over 37 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 $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Baker received $45,541 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $140,762 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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