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North Cook News

Monday, November 25, 2024

Former state school employee Mui paid in $9K to teachers' pension fund, could collect $117K in retirement

Money 04

Former state school employee Mary Mui, who retired in September 2016, saved $8,650 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mui would collect as much as $117,366, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Mui received $2,466 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mui will have already received $10,316 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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