Former state school employee Reilly paid in $250K to teachers' pension fund, could collect $5.75M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Timothy Reilly, who retired in June 2018, saved $249,574 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reilly would collect as much as $5.75 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Reilly received $120,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reilly will have already received $373,777 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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