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Kane County Reporter

Monday, November 25, 2024

Former state school employee Lyle paid in $154K to teachers' pension fund, could collect $2.81M in retirement

Money 07

Former state school employee Glenn Lyle, who retired in May 2016, saved $153,693 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lyle would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Lyle received $59,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lyle will have already received $182,846 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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