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West Cook News

Thursday, April 25, 2024

Former state school employee Tarrant paid in $161K to teachers' pension fund, could collect $2.31M in retirement

Money 06

Former state school employee Tom Tarrant, who retired in June 2018, saved $160,755 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tarrant would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Tarrant received $48,549 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Tarrant will have already received $203,109 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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