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North Cook News

Tuesday, November 26, 2024

Former state school employee Stanley paid in $399K to teachers' pension fund, could collect $5.43M in retirement

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Former state school employee Lee Stanley, who retired in April 2016, saved $398,766 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stanley would collect as much as $5.43 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Stanley received $114,132 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Stanley will have already received $477,486 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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