Former state school employee Thomas paid in $390K to teachers' pension fund, could collect $12.25M in retirement

By Local Labs News Service

Aug 1, 2016

Former state school employee Timothy Thomas, who retired in July 2016, saved $390,094 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $12.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Thomas received $257,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Thomas will have already received $522,540 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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