Quantcast

South Cook News

Wednesday, October 9, 2024

Former state school employee Omara paid in $358K to teachers' pension fund, could collect $8.19M in retirement

Money041

Former state school employee Kevin Omara, who retired in July 2017, saved $358,018 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Omara would collect as much as $8.19 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Omara received $172,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Omara will have already received $532,049 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS