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SE Illinois News

Tuesday, April 23, 2024

Former state school employee Scott paid in $171K to teachers' pension fund, could collect $3.56M in retirement

Money759

Former state school employee Mark Scott, who retired in April 2018, saved $171,192 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, Scott would collect as much as $3.56 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Scott received $74,887 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $231,469 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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