Dupage Policy Journal

Dupage Policy Journal

Tuesday, October 22, 2019

Former state school employee Magic paid in $188K to teachers' pension fund, could collect $3.87M in retirement

Schools

By Local Labs News Service | Jul 1, 2018


Former state school employee John Magic, who retired in June 2018, saved $187,864 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Magic would collect as much as $3.87 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Magic received $81,442 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Magic will have already received $251,729 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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