Former state school employee Santos paid in $157K to teachers' pension fund, could collect $2.79M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Michael Santos, who retired in May 2016, saved $157,278 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Santos would collect as much as $2.79 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Santos received $58,737 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Santos will have already received $181,550 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Dixon Unit School District 170

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