Former state school employee Holmes paid in $20K to teachers' pension fund, could collect $525K in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Kenneth Holmes, who retired in December 2016, saved $20,242 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Holmes would collect as much as $524,958, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Holmes received $11,034 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Holmes will have already received $22,399 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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