Former state school employee Farkas paid in $196K to teachers' pension fund, could collect $4.45M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Laurie Farkas, who retired in June 2017, saved $196,007 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Farkas would collect as much as $4.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Farkas received $93,533 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Farkas will have already received $289,101 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Public School District 86

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