Lake County Gazette

Former state school employee Thomas Olaughlin, who retired in May 2018, saved $32,765 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Olaughlin would collect as much as $427,847, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Olaughlin received $8,993 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Olaughlin will have already received $37,624 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.