Will County Gazette

Will County Gazette

Monday, October 14, 2019

Former state school employee Staley paid in $207K to teachers' pension fund, could collect $5.09M in retirement

Schools

By Local Labs News Service | Jun 1, 2016


Former state school employee Phillip Staley, who retired in May 2016, saved $206,936 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, Staley would collect as much as $5.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Staley received $107,048 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Staley will have already received $217,307 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Joliet Township High School District 204

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