Former state school employee Lanter paid in $53K to teachers' pension fund, could collect $794K in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee Steven Lanter, who retired in July 2017, saved $53,478 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lanter would collect as much as $794,111, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Lanter received $16,691 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lanter will have already received $69,830 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Belleville School District 118

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