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DeKalb Times

Friday, November 22, 2024

Former state school employee Johnson paid in $7K to teachers' pension fund, could collect $519K in retirement

Money 02

Former state school employee Alison Johnson, who retired in March 2016, saved $6,652 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $518,547, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Johnson received $10,899 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Johnson will have already received $10,899 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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