Former state school employee Ray paid in $6K to teachers' pension fund, could collect $101K in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Michael Ray, who retired in December 2016, saved $5,605 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ray would collect as much as $100,753, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Ray received $2,117 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ray will have already received $6,544 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Norris City-Omaha-Enfield High School

!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