Quantcast

South Cook News

Saturday, April 20, 2024

Former state school employee Wright paid in $138K to teachers' pension fund, could collect $2.48M in retirement

Shutterstock 121161052

Former state school employee Marvin Wright, who retired in May 2018, saved $137,838 toward a pension over 32 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 $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Wright received $52,083 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wright will have already received $160,982 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS