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North Cook News

Wednesday, April 24, 2024

Former state school employee Oshea paid in $116K to teachers' pension fund, could collect $2.55M in retirement

Money 02

Former state school employee Maureen Oshea, who retired in June 2017, saved $116,059 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Oshea would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Oshea received $53,589 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Oshea will have already received $165,639 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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