Quantcast

McHenry Times

Monday, November 25, 2024

Former state school employee Mitchell paid in $167K to teachers' pension fund, could collect $3.67M in retirement

Money 07

Former state school employee Thomas Mitchell, who retired in May 2016, saved $166,632 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $3.67 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Mitchell received $77,038 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $238,116 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS