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DeKalb Times

Friday, November 22, 2024

Former state school employee Meeks paid in $109K to teachers' pension fund, could collect $2.22M in retirement

Money 06

Former state school employee Carol Meeks, who retired in May 2018, saved $109,135 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Meeks would collect as much as $2.22 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Meeks received $46,631 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meeks will have already received $144,132 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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