McHenry Times

McHenry Times

Saturday, March 28, 2020

Former state school employee Oest paid in $331K to teachers' pension fund, could collect $8.11M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money 06

Former state school employee Dan Oest, who retired in July 2017, saved $331,317 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oest would collect as much as $8.11 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Oest received $170,489 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Oest will have already received $346,093 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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