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Monday, February 17, 2020

Former state school employee Andel paid in $176K to teachers' pension fund, could collect $3.49M in retirement


By Local Labs News Service | Apr 1, 2017

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Former state school employee David Andel, who retired in March 2017, saved $175,771 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andel would collect as much as $3.49 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Andel received $73,255 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andel will have already received $226,425 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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