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North Cook News

Friday, April 19, 2024

Former state school employee Faur paid in $14K to teachers' pension fund, could collect $186K in retirement

Money272

Former state school employee Harry Faur, who retired in January 2017, saved $13,960 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, Faur would collect as much as $185,840, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Faur received $3,906 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Faur will have already received $16,341 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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