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


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.

Want to get notified whenever we write about Cass School District 63 ?

Sign-up Next time we write about Cass School District 63, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Cass School District 63

More News