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Chambana Sun

Monday, November 25, 2024

Former state school employee Cohen paid in $153K to teachers' pension fund, could collect $2.38M in retirement

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Former state school employee Laura Cohen, who retired in June 2017, saved $152,604 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cohen would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cohen received $50,057 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cohen will have already received $154,722 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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