Former state school employee Thoele paid in $85K to teachers' pension fund, could collect $1.19M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Paula Thoele, who retired in June 2016, saved $84,722 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thoele would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Thoele received $24,960 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Thoele will have already received $104,423 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Freeport School District 145 Board

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