Sangamon Sun

Sangamon Sun

Tuesday, February 25, 2020

Former state school employee Churchwell paid in $12K to teachers' pension fund, could collect $625K in retirement

Schools

By Local Labs News Service | Dec 1, 2018

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Former state school employee Mark Churchwell, who retired in November 2018, saved $11,642 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Churchwell would collect as much as $625,140, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Churchwell received $13,140 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Churchwell will have already received $13,140 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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