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Will County Gazette

Saturday, November 23, 2024

Former state school employee Russell paid in $265K to teachers' pension fund, could collect $7.15M in retirement

Money 07

Former state school employee Edward Russell, who retired in July 2016, saved $265,418 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Russell would collect as much as $7.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Russell received $150,183 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Russell will have already received $304,871 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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