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Illinois Valley Times

Sunday, September 29, 2024

Former state school employee Jakse paid in $155K to teachers' pension fund, could collect $3.49M in retirement

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Former state school employee Lynn Jakse, who retired in May 2018, saved $154,865 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jakse would collect as much as $3.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Jakse received $73,422 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jakse will have already received $226,941 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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