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Sangamon Sun

Thursday, April 18, 2024

Former state school employee Marsaglia paid in $99K to teachers' pension fund, could collect $1.84M in retirement

Money 04

Former state school employee Jeffrey Marsaglia, who retired in May 2017, saved $99,185 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Marsaglia would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Marsaglia received $38,677 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marsaglia will have already received $119,546 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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