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North Cook News

Monday, June 17, 2024

Former state school employee Will paid in $279K to teachers' pension fund, could collect $6.12M in retirement

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Former state school employee Timothy Will, who retired in June 2018, saved $279,052 toward a pension over 44 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Will would collect as much as $6.12 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Will received $128,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Will will have already received $397,892 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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