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West Central Reporter

Tuesday, November 26, 2024

Former state school employee Clinton paid in $293K to teachers' pension fund, could collect $5.13M in retirement

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Former state school employee Reginald Clinton, who retired in June 2016, saved $292,740 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, Clinton would collect as much as $5.13 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Clinton received $107,767 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clinton will have already received $333,097 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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