Former state school employee Anderson paid in $207K to teachers' pension fund, could collect $4.99M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Richard Anderson, who retired in May 2018, saved $207,017 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, Anderson would collect as much as $4.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Anderson received $104,905 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $212,957 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Minooka Community High School District 111 Board

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