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Chambana Sun

Monday, May 20, 2024

Former state school employee Mills paid in $30K to teachers' pension fund, could collect $371K in retirement

Money 06

Former state school employee Karen Mills, who retired in August 2017, saved $29,891 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mills would collect as much as $371,076, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Mills received $7,799 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mills will have already received $32,628 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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