Quantcast

Macon Reporter

Monday, December 23, 2024

Former state school employee Massey paid in $151K to teachers' pension fund, could collect $3.57M in retirement

Shutterstock 469426916

Former state school employee Randy Massey, who retired in June 2016, saved $151,370 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, Massey would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Massey received $75,009 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Massey will have already received $152,268 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

MORE NEWS