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Former state school employee Junghans Lovero paid in $79K to teachers' pension fund, could collect $1.47M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Judith Junghans Lovero, who retired in June 2016, saved $79,311 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Junghans Lovero would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Junghans Lovero received $30,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Junghans Lovero will have already received $95,629 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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