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Lake County Gazette

Thursday, April 25, 2024

Former state school employee Dolezal paid in $191K to teachers' pension fund, could collect $4.24M in retirement

Money 01

Former state school employee Michael Dolezal, who retired in May 2017, saved $190,535 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, Dolezal would collect as much as $4.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Dolezal received $89,119 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dolezal will have already received $275,459 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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