Former state school employee Powell paid in $10K to teachers' pension fund, could collect $141K in retirement

By Rock Island Today Reports

Jul 1, 2018

Former state school employee Larry Powell, who retired in June 2018, saved $9,556 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Powell would collect as much as $141,104, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Powell received $2,965 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Powell will have already received $12,405 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 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