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Kankakee Times

Friday, April 26, 2024

Former state school employee Baker paid in $131K to teachers' pension fund, could collect $2.57M in retirement

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Former state school employee Diana Baker, who retired in June 2018, saved $130,604 toward a pension over 31 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 $2.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Baker received $54,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $167,137 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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