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West Central Reporter

Wednesday, November 13, 2024

Former state school employee Curtis paid in $62K to teachers' pension fund, could collect $1.27M in retirement

Money 05

Former state school employee Penny Curtis, who retired in June 2018, saved $62,338 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Curtis would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Curtis received $26,714 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Curtis will have already received $82,569 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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