Former state school employee Galea paid in $28K to teachers' pension fund, could collect $474K in retirement

By Local Labs News Service

Mar 1, 2016

Former state school employee Peter Galea, who retired in February 2016, saved $27,730 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Galea would collect as much as $473,639, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Galea received $9,955 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Galea will have already received $30,771 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Northfield Township High School District 225

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