East Central Reporter

East Central Reporter

Sunday, December 15, 2019

Former state school employee Nolen paid in $185K to teachers' pension fund, could collect $3.93M in retirement


By East Central Reporter Reports | Jun 1, 2018


Former state school employee Timothy Nolen, who retired in May 2018, saved $185,244 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nolen would collect as much as $3.93 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Nolen received $82,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nolen will have already received $255,234 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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