Former state school employee Thomas paid in $161K to teachers' pension fund, could collect $3.36M in retirement

By Local Labs News Service

Apr 1, 2016

Former state school employee Danny Thomas, who retired in March 2016, saved $160,803 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Thomas received $70,697 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $218,518 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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