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West Central Reporter

Tuesday, April 23, 2024

Former state school employee Mann paid in $49K to teachers' pension fund, could collect $772K in retirement

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Former state school employee Sharon Mann, who retired in May 2018, saved $48,819 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mann would collect as much as $771,566, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Mann received $16,217 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mann will have already received $50,126 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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