Former state school employee O'Neil paid in $155K to teachers' pension fund, could collect $3.57M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Tamara O'Neil, who retired in May 2016, saved $155,081 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, O'Neil would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes O'Neil received $75,124 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, O'Neil will have already received $232,201 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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