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North Cook News

Monday, June 17, 2024

Former state school employee Guziak paid in $10K to teachers' pension fund, could collect $145K in retirement

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Former state school employee Carol Guziak, who retired in May 2018, saved $10,463 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Guziak would collect as much as $145,112, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Guziak received $3,050 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Guziak will have already received $12,761 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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