Former state school employee Nelson paid in $189K to teachers' pension fund, could collect $3.18M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Michael Nelson, who retired in June 2018, saved $188,575 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Nelson received $66,896 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $206,769 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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