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Chambana Sun

Saturday, November 23, 2024

Former state school employee Ellis paid in $121K to teachers' pension fund, could collect $2.31M in retirement

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Former state school employee Marie Ellis, who retired in May 2016, saved $121,326 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ellis would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Ellis received $48,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ellis will have already received $150,329 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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