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Former state school employee Anderson paid in $5K to teachers' pension fund, could collect $270K in retirement


By Local Labs News Service | Sep 1, 2018

Money 04

Former state school employee Ellen Anderson, who retired in August 2018, saved $4,986 toward a pension over 3 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 $270,266, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Anderson received $5,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Anderson will have already received $5,680 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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