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North Cook News

Sunday, April 20, 2025

Former state school employee Leary paid in $19K to teachers' pension fund, could collect $530K in retirement

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Former state school employee Penny Leary, who retired in June 2016, saved $19,068 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Leary would collect as much as $529,862, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Leary received $11,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Leary will have already received $22,608 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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