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Former state school employee Cluver paid in $162K to teachers' pension fund, could collect $3.5M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state school employee Michael Cluver, who retired in May 2016, saved $162,319 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cluver would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Cluver received $73,602 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cluver will have already received $227,496 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Naperville Community Unit School District 203

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