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Macon Reporter

Monday, December 23, 2024

Former state school employee Cushing paid in $164K to teachers' pension fund, could collect $3.47M in retirement

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Former state school employee Matthew Cushing, who retired in May 2017, saved $164,448 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cushing would collect as much as $3.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Cushing received $72,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cushing will have already received $225,534 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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