Dupage Policy Journal

Dupage Policy Journal

Wednesday, November 13, 2019

Former state school employee Wolfe paid in $125K to teachers' pension fund, could collect $2.04M in retirement

Schools

By Local Labs News Service | Nov 1, 2016

Shutterstock 450769633

Former state school employee Thomas Wolfe, who retired in October 2016, saved $124,741 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wolfe would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Wolfe received $42,789 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wolfe will have already received $132,257 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

Want to get notified whenever we write about Elmhurst Community Unit School District 205 ?

Sign-up Next time we write about Elmhurst Community Unit School District 205, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Elmhurst Community Unit School District 205

More News