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South West Illinois News

Sunday, November 24, 2024

Former state school employee Coffey paid in $121K to teachers' pension fund, could collect $2.2M in retirement

Money 03

Former state school employee Michael Coffey, who retired in June 2017, saved $120,713 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Coffey would collect as much as $2.2 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Coffey received $46,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coffey will have already received $142,710 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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