Former state school employee Kelly paid in $104K to teachers' pension fund, could collect $2.1M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Terrence Kelly, who retired in May 2018, saved $103,547 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, Kelly would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Kelly received $44,164 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $136,507 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Chadwick-Milledgeville Community Unit School District 399

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