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Chambana Sun

Saturday, November 23, 2024

Former state school employee Jean paid in $136K to teachers' pension fund, could collect $3.25M in retirement

Money041

Former state school employee William Jean, who retired in May 2016, saved $135,662 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jean would collect as much as $3.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Jean received $68,269 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jean will have already received $138,586 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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