Former state school employee Padavic paid in $267K to teachers' pension fund, could collect $5.99M in retirement

By West Cook News

Aug 1, 2017

Former state school employee Michael Padavic, who retired in July 2017, saved $267,163 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, Padavic would collect as much as $5.99 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Padavic received $125,989 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Padavic will have already received $389,420 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Oak Park Elementary School District 97 Board

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