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North Cook News

Monday, November 25, 2024

Former state school employee Lyons paid in $10K to teachers' pension fund, could collect $140K in retirement

Money272

Former state school employee Theodore Lyons, who retired in February 2017, saved $10,346 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lyons would collect as much as $140,476, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Lyons received $2,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lyons will have already received $12,351 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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