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North Cook News

Friday, April 19, 2024

Former state school employee Johnson paid in $46K to teachers' pension fund, could collect $995K in retirement

Money041

Former state school employee Mary Johnson, who retired in March 2016, saved $45,852 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $994,676, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Johnson received $20,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $64,621 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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