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Chambana Sun

Tuesday, November 26, 2024

Former state school employee Harmon paid in $829 to teachers' pension fund, could collect $72K in retirement

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Former state school employee Lynn Harmon, who retired in November 2018, saved $829 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harmon would collect as much as $72,282, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Harmon received $1,519 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Harmon will have already received $1,519 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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