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Former state school employee Mueller paid in $150K to teachers' pension fund, could collect $3.35M in retirement

Schools

By Rock Island Today Reports | Nov 1, 2017

Money 02

Former state school employee James Mueller, who retired in October 2017, saved $150,277 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, Mueller would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Mueller received $70,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mueller will have already received $217,461 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 Community Unit School District 40

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