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

By Rock Island Today Reports

Apr 1, 2016

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 Rock Island Today.

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.

ORGANIZATIONS IN THIS STORY

Teachers' Retirement System of the State of Illinois

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate