Former state school employee Geerts paid in $93K to teachers' pension fund, could collect $1.51M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Michael Geerts, who retired in May 2016, saved $93,359 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Geerts would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Geerts received $31,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Geerts will have already received $97,904 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Eastland Community Unit School District 308

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