Former state school employee Lanham paid in $69K to teachers' pension fund, could collect $1.18M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Thomas Lanham, who retired in May 2018, saved $69,150 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lanham would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Lanham received $24,759 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lanham will have already received $76,528 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Granite City Community Unit School District 9

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