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North Cook News

Wednesday, November 6, 2024

Former state school employee Sutton paid in $1K to teachers' pension fund, could collect $44K in retirement

Money 06

Former state school employee Marian Sutton, who retired in July 2016, saved $1,023 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sutton would collect as much as $44,370, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Sutton received $932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sutton will have already received $1,892 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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