Grundy Reporter

Grundy Reporter

Thursday, October 17, 2019

Former state school employee Wood paid in $67K to teachers' pension fund, could collect $1.65M in retirement

Schools

By Local Labs News Service | Jun 1, 2018


Former state school employee David Wood, who retired in May 2018, saved $67,350 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wood would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Wood received $34,605 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wood will have already received $70,248 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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