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DeKalb Times

Wednesday, November 6, 2024

Former state school employee Horton paid in $161K to teachers' pension fund, could collect $3.57M in retirement

Money 05

Former state school employee Theodore Horton, who retired in May 2018, saved $161,082 toward a pension over 43 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Horton would collect as much as $3.57 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Horton received $75,043 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Horton will have already received $231,950 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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