Former state school employee Quinn paid in $152K to teachers' pension fund, could collect $3.34M in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Michael Quinn, who retired in June 2016, saved $152,345 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Quinn would collect as much as $3.34 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Quinn received $70,210 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Quinn will have already received $217,011 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Prairie Central Community Unit School District 8

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