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McLean County Times

Monday, November 25, 2024

Former state school employee Markey paid in $150K to teachers' pension fund, could collect $3.1M in retirement

Money041

Former state school employee Donald Markey, who retired in March 2018, saved $150,183 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Markey would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Markey received $65,171 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Markey will have already received $201,437 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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