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South Cook News

Thursday, April 18, 2024

Former state school employee Daley paid in $249K to teachers' pension fund, could collect $4.55M in retirement

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Former state school employee Joseph Daley, who retired in July 2016, saved $249,281 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Daley would collect as much as $4.55 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Daley received $95,611 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daley will have already received $295,523 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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