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McLean County Times

Saturday, June 28, 2025

Former state school employee Mitchell paid in $88K to teachers' pension fund, could collect $1.58M in retirement

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Former state school employee Richard Mitchell, who retired in May 2016, saved $87,967 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mitchell would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Mitchell received $33,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitchell will have already received $102,377 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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