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Former state school employee Gray paid in $222K to teachers' pension fund, could collect $4.35M in retirement

Schools

By Local Labs News Service | Apr 1, 2016

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Former state school employee Thomas Gray, who retired in March 2016, saved $222,064 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Gray would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Gray received $91,509 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gray will have already received $282,845 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Teachers' Retirement System of the State of Illinois

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