Lake County Gazette

Lake County Gazette

Wednesday, November 13, 2019

Former state school employee Coad paid in $247K to teachers' pension fund, could collect $5.4M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Shutterstock 197358977

Former state school employee Daniel Coad, who retired in June 2016, saved $247,129 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Coad would collect as much as $5.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Coad received $113,436 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coad will have already received $350,619 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Lake Forest Community High School District 115 ?

Sign-up Next time we write about Lake Forest Community High School District 115, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Lake Forest Community High School District 115

More News