Former state school employee Munden paid in $155K to teachers' pension fund, could collect $3.69M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee James Munden, who retired in May 2016, saved $154,664 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Munden would collect as much as $3.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Munden received $77,559 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Munden will have already received $157,445 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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High Mount School District 116

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