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North Cook News

Saturday, November 23, 2024

Former state school employee Meyers paid in $198K to teachers' pension fund, could collect $5.13M in retirement

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Former state school employee Michael Meyers, who retired in July 2016, saved $198,480 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, Meyers would collect as much as $5.13 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Meyers received $107,891 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meyers will have already received $219,019 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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