Former state school employee Magee paid in $124K to teachers' pension fund, could collect $2.58M in retirement

By East Central Reporter Reports

Jun 1, 2016

Former state school employee William Magee, who retired in May 2016, saved $124,443 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Magee would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Magee received $54,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Magee will have already received $167,796 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Lawrence County Cusd 20

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate