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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Stover paid in $142K to teachers' pension fund, could collect $2.77M in retirement

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Former state school employee Mark Stover, who retired in May 2018, saved $142,165 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, Stover would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Stover received $58,209 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stover will have already received $179,918 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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