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DeKalb Times

Friday, November 22, 2024

Former state school employee Stein paid in $138K to teachers' pension fund, could collect $2.99M in retirement

Money 02

Former state school employee Catherine Stein, who retired in May 2018, saved $138,057 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stein would collect as much as $2.99 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Stein received $62,925 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stein will have already received $194,495 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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