Quantcast

North Egypt News

Tuesday, December 24, 2024

Former state school employee Mullen paid in $147K to teachers' pension fund, could collect $2.54M in retirement

Shutterstock 450769633

Former state school employee Mark Mullen, who retired in March 2017, saved $147,139 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, Mullen would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Mullen received $53,366 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mullen will have already received $164,949 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS