Former state school employee Ruffalo paid in $227K to teachers' pension fund, could collect $2.87M in retirement

By Local Labs News Service

Jul 1, 2018

Former state school employee Michael Ruffalo, who retired in June 2018, saved $227,430 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ruffalo would collect as much as $2.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Ruffalo received $60,288 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ruffalo will have already received $252,224 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Summit Hill school District 161

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate