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Thursday, January 23, 2020

Former state school employee Barone paid in $156K to teachers' pension fund, could collect $3.1M in retirement


By Local Labs News Service | Jul 1, 2018

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Former state school employee Harriet Barone, who retired in June 2018, saved $155,766 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barone would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Barone received $65,073 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barone will have already received $201,134 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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