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North Egypt News

Friday, November 8, 2024

Former state school employee Mattingly paid in $105K to teachers' pension fund, could collect $2.98M in retirement

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Former state school employee Donald Mattingly, who retired in July 2016, saved $105,321 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mattingly would collect as much as $2.98 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Mattingly received $62,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mattingly will have already received $127,249 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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