Former state school employee Quigley paid in $68K to teachers' pension fund, could collect $689K in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Thomas Quigley, who retired in June 2017, saved $68,275 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Quigley would collect as much as $688,831, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Quigley received $14,478 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Quigley will have already received $76,864 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Community High School District 117

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