Will County Gazette

Will County Gazette

Thursday, February 20, 2020

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


By Local Labs News Service | Apr 1, 2017

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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 Will County Gazette.

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.

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Illinois State Board of Education

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