Former state school employee Golding paid in $209K to teachers' pension fund, could collect $6.26M in retirement

By Rock Island Today Reports

Jun 1, 2016

Former state school employee Michael Golding, who retired in May 2016, saved $209,427 toward a pension over 47 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Golding would collect as much as $6.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Golding received $131,634 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Golding will have already received $267,217 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Moline-Coal Valley School District 40

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