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Former state school employee Shermach paid in $26K to teachers' pension fund, could collect $391K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee William Shermach, who retired in June 2016, saved $25,809 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shermach would collect as much as $391,326, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Shermach received $8,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Shermach will have already received $34,411 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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