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North Cook News

Friday, April 26, 2024

Former state school employee Stocker paid in $87K to teachers' pension fund, could collect $1.31M in retirement

Money272

Former state school employee Richard Stocker, who retired in June 2016, saved $86,500 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, Stocker would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Stocker received $27,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Stocker will have already received $115,383 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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