Former state school employee Andel paid in $176K to teachers' pension fund, could collect $3.49M in retirement

By South West Illinois News Reports

Apr 1, 2017

Former state school employee David Andel, who retired in March 2017, saved $175,771 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andel would collect as much as $3.49 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Andel received $73,255 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andel will have already received $226,425 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State Board Of Education

!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