Former state school employee Omahana paid in $182K to teachers' pension fund, could collect $2.4M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Jay Omahana, who retired in May 2016, saved $182,377 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Omahana would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Omahana received $50,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Omahana will have already received $211,122 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Bloomington School District 87 Board

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