Former state school employee Nichols paid in $100K to teachers' pension fund, could collect $1.38M in retirement

By Rock Island Today Reports

Jun 1, 2016

Former state school employee Mary Nichols, who retired in May 2016, saved $99,525 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Nichols would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Nichols received $29,004 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nichols will have already received $121,341 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Rockridge Community Unit School District 300 Board

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