Former state school employee Holmes paid in $168K to teachers' pension fund, could collect $1.97M in retirement

By Local Labs News Service

Aug 1, 2017

Former state school employee David Holmes, who retired in July 2017, saved $168,061 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Holmes would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Holmes received $41,418 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Holmes will have already received $173,279 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Streator Township High School District 40

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