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Metro East Sun

Tuesday, July 22, 2025

Former state school employee Scott paid in $129K to teachers' pension fund, could collect $2.66M in retirement

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Former state school employee Richard Scott, who retired in May 2018, saved $129,173 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $2.66 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Scott received $55,987 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $173,051 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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