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North Egypt News

Friday, November 22, 2024

Former state school employee Pulley paid in $123K to teachers' pension fund, could collect $2.34M in retirement

Money759

Former state school employee Marty Pulley, who retired in May 2018, saved $122,797 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pulley would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Pulley received $49,089 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pulley will have already received $151,730 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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