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Rock Island Today

Sunday, November 24, 2024

Former state school employee Tisue paid in $170K to teachers' pension fund, could collect $2.9M in retirement

Money 01

Former state school employee Gary Tisue, who retired in May 2016, saved $170,186 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tisue would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Tisue received $60,913 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tisue will have already received $188,275 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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