West Cook News

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Former state school employee Anderson paid in $128K to teachers' pension fund, could collect $1.98M in retirement


By West Cook News | May 1, 2017

Money 02

Former state school employee Mark Anderson, who retired in April 2017, saved $128,169 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $1.98 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Anderson received $41,664 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $128,779 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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