Former state school employee Oliver paid in $197K to teachers' pension fund, could collect $4.95M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Stephen Oliver, who retired in May 2016, saved $196,691 toward a pension over 46 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oliver would collect as much as $4.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Oliver received $103,979 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Oliver will have already received $211,077 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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O'Fallon Township High School District 203 Board

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