Former state school employee Cannedy paid in $150K to teachers' pension fund, could collect $3M in retirement

By South West Illinois News Reports

Jun 1, 2016

Former state school employee Stephen Cannedy, who retired in May 2016, saved $149,891 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cannedy would collect as much as $3 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Cannedy received $63,135 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cannedy will have already received $195,144 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Pinckneyville Community High School District 101

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