Former state school employee Richey paid in $131K to teachers' pension fund, could collect $2.91M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee James Richey, who retired in June 2017, saved $130,557 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, Richey would collect as much as $2.91 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Richey received $61,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richey will have already received $188,791 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Gallatin Community Unit School District 7

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