Former state school employee Cabel paid in $223K to teachers' pension fund, could collect $5.22M in retirement

By Rock Island Today Reports

Aug 1, 2016

Former state school employee Wayne Cabel, who retired in July 2016, saved $223,092 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cabel would collect as much as $5.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Cabel received $109,778 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cabel will have already received $339,312 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Moline Coal Valley Community Unit School District 40

!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