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North Cook News

Saturday, November 23, 2024

Former state school employee Goughnour paid in $169K to teachers' pension fund, could collect $3.35M in retirement

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Former state school employee Martha Goughnour, who retired in July 2016, saved $169,211 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, Goughnour would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Goughnour received $70,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goughnour will have already received $217,461 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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