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West Central Reporter

Tuesday, November 26, 2024

Former state school employee White paid in $113K to teachers' pension fund, could collect $2.56M in retirement

Money 07

Former state school employee Patricia White, who retired in May 2016, saved $112,545 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, White would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes White received $53,724 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $166,056 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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