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Former state school employee Jones paid in $196K to teachers' pension fund, could collect $4.22M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee David Jones, who retired in June 2016, saved $195,774 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $4.22 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Jones received $88,627 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $273,938 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Glenview Community Consolidated School District 34

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