Former state school employee Mandella paid in $191K to teachers' pension fund, could collect $3.1M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Richard Mandella, who retired in May 2018, saved $191,247 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mandella would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Mandella received $65,125 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mandella will have already received $201,295 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Lincoln Way Community High School District 210

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