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Former state school employee Owen paid in $171K to teachers' pension fund, could collect $3.8M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Richard Owen, who retired in June 2018, saved $171,489 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Owen would collect as much as $3.8 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Owen received $79,855 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owen will have already received $246,825 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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