Former state school employee McConnell paid in $28K to teachers' pension fund, could collect $357K in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Fredrick McConnell, who retired in May 2016, saved $28,287 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, McConnell would collect as much as $356,718, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes McConnell received $7,497 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McConnell will have already received $31,366 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Virginia Community Unit School District 64

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