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Kendall County Times

Friday, November 22, 2024

Former state school employee Tyler paid in $145K to teachers' pension fund, could collect $3.28M in retirement

Money 04

Former state school employee Timothy Tyler, who retired in May 2017, saved $145,275 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tyler would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Tyler received $68,997 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tyler will have already received $213,263 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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