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East Central Reporter

Friday, April 26, 2024

Former state school employee Mammoser paid in $154K to teachers' pension fund, could collect $3.38M in retirement

Money 08

Former state school employee Douglas Mammoser, who retired in May 2018, saved $153,864 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, Mammoser would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Mammoser received $71,104 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mammoser will have already received $219,775 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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