Former state school employee Depalma paid in $34K to teachers' pension fund, could collect $1.47M in retirement

By Local Labs News Service

Sep 1, 2016

Former state school employee Thomas Depalma, who retired in August 2016, saved $34,379 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Depalma would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Depalma received $30,975 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Depalma will have already received $62,879 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Grayslake Community High School District 127

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