Lake County Gazette

Lake County Gazette

Wednesday, November 13, 2019

Former state school employee Michelini paid in $459K to teachers' pension fund, could collect $6.92M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 08

Former state school employee Mark Michelini, who retired in June 2016, saved $459,052 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Michelini would collect as much as $6.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Michelini received $145,515 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Michelini will have already received $608,778 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Adlai E. Stevenson High School District 125

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