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North Cook News

Friday, April 19, 2024

Former state school employee Cox paid in $17K to teachers' pension fund, could collect $218K in retirement

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Former state school employee Nancy Cox, who retired in June 2018, saved $16,814 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cox would collect as much as $217,760, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Cox received $4,577 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cox will have already received $19,147 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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