Quantcast

South Cook News

Friday, April 26, 2024

Former state school employee Oshea paid in $145K to teachers' pension fund, could collect $3.57M in retirement

Money041

Former state school employee Kevin Oshea, who retired in October 2017, saved $144,655 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oshea 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 Oshea received $75,100 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Oshea will have already received $152,453 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS