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South Cook News

Tuesday, November 5, 2024

Former state school employee Lorenz paid in $199K to teachers' pension fund, could collect $3.94M in retirement

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Former state school employee Kimberly Lorenz, who retired in November 2016, saved $199,353 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lorenz would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Lorenz received $82,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lorenz will have already received $255,729 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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