Former state school employee Newburg paid in $132K to teachers' pension fund, could collect $2.58M in retirement

By Rock Island Today Reports

Jun 1, 2018

Former state school employee Randy Newburg, who retired in May 2018, saved $132,061 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, Newburg would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Newburg received $54,261 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Newburg will have already received $167,716 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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