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North Cook News

Friday, November 22, 2024

Former state school employee Adams paid in $31K to teachers' pension fund, could collect $464K in retirement

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Former state school employee Hugh Adams, who retired in November 2016, saved $31,276 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Adams would collect as much as $463,626, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Adams received $9,745 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Adams will have already received $40,768 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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