Former state school employee Waldo paid in $186K to teachers' pension fund, could collect $3.28M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Michael Waldo, who retired in May 2018, saved $186,428 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Waldo would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Waldo received $68,860 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Waldo will have already received $212,840 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Edwardsville Community Unit School District 7 Board

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