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DeKalb Times

Friday, November 22, 2024

Former state school employee Mitz paid in $102K to teachers' pension fund, could collect $1.78M in retirement

Money759

Former state school employee Laurie Mitz, who retired in May 2018, saved $101,837 toward a pension over 18 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mitz would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Mitz received $37,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mitz will have already received $115,554 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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