Former state school employee Reardon paid in $78K to teachers' pension fund, could collect $1.3M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Richard Reardon, who retired in June 2018, saved $77,630 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reardon would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Reardon received $27,429 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reardon will have already received $84,781 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lake Forest School District 67

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