North Cook News

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Wednesday, February 19, 2020

Former state school employee Molohon paid in $86K to teachers' pension fund, could collect $1.26M in retirement


By Local Labs News Service | Apr 1, 2017

Money 02

Former state school employee Joseph Molohon, who retired in March 2017, saved $86,404 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Molohon would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Molohon received $26,430 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Molohon will have already received $110,574 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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