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Carbondale Reporter

Sunday, November 24, 2024

Former state school employee Wright paid in $125K to teachers' pension fund, could collect $2.46M in retirement

Money 05

Former state school employee Michael Wright, who retired in May 2016, saved $124,619 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wright would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Wright received $51,772 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wright will have already received $160,022 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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