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Lake County Gazette

Monday, November 25, 2024

Former state school employee Gordon paid in $229K to teachers' pension fund, could collect $5.01M in retirement

Money 07

Former state school employee Michael Gordon, who retired in May 2016, saved $228,766 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, Gordon would collect as much as $5.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Gordon received $105,313 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gordon will have already received $325,511 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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