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West Central Reporter

Friday, April 26, 2024

Former state school employee English paid in $94K to teachers' pension fund, could collect $1.89M in retirement

Money 08

Former state school employee Timothy English, who retired in December 2016, saved $93,904 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, English would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes English received $39,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, English will have already received $122,631 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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