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Monday, February 17, 2020

Former state school employee Anderson paid in $123K to teachers' pension fund, could collect $2.3M in retirement


By Local Labs News Service | Jul 1, 2018

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Former state school employee Gail Anderson, who retired in June 2018, saved $122,874 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Anderson received $48,393 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $149,578 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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