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Tuesday, January 21, 2020

Former state school employee Flemming paid in $218K to teachers' pension fund, could collect $5.12M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Catherine Flemming, who retired in June 2016, saved $217,723 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Flemming would collect as much as $5.12 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Flemming received $107,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Flemming will have already received $218,387 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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