Former state school employee Allen Wade paid in $57K to teachers' pension fund, could collect $1.76M in retirement

By Local Labs News Service

Oct 1, 2018

Former state school employee Kelly Allen Wade, who retired in September 2018, saved $56,932 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Allen Wade would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Allen Wade received $36,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Allen Wade will have already received $75,021 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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