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Former state school employee Guzman paid in $222K to teachers' pension fund, could collect $5.02M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 06

Former state school employee Rommel Guzman, who retired in June 2016, saved $222,482 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Guzman would collect as much as $5.02 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Guzman received $105,618 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Guzman will have already received $326,456 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Northfield Township High School District 225

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