Quantcast

Lake County Gazette

Monday, November 25, 2024

Former state school employee Oshea paid in $161K to teachers' pension fund, could collect $2.36M in retirement

Shutterstock 381111379

Former state school employee Patrick Oshea, who retired in May 2016, saved $161,109 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oshea would collect as much as $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Oshea received $49,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Oshea will have already received $207,793 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS