Former state school employee Eddy paid in $89K to teachers' pension fund, could collect $1.31M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Michael Eddy, who retired in May 2018, saved $89,392 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Eddy would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Eddy received $27,471 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Eddy will have already received $114,928 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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East Alton School District 13

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