Waterloo CUSD 5 Mullins paid in $11K to teachers pension fund, could collect $500K in retirement
Retired Waterloo CUSD 5 employee Melinda Mullins saved $11,144 toward her pension over 14 years working for public schools, Illinois Teachers' Retirement Fund (TRS) records show.
Over 35 years of retirement, Mullins would collect as much as $516,000, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.
Mullins, 60, who currently lives in Waterloo, earned $35 in her final year at Waterloo CUSD 5.
The projection assumes Mullins will receive $7,993 in her first year of retirement, then 3 percent annual increases thereafter, compounded.
After three years of retirement, Mullins will have already received $24,705 in retirement benefits, or more than the sum total of her contributions to the state teachers' pension fund.
According to the Illinois State Board of Education (ISBE), 60.1 percent of Waterloo CUSD 5 students met or exceeded the standards for the "PARCC" exams. ISBE reported that 69.7 percent of district's graduates were deemed "college ready" last year.