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Chambana Sun

Monday, November 25, 2024

Former state school employee Robinson paid in $13K to teachers' pension fund, could collect $251K in retirement

Money 07

Former state school employee Julia Robinson, who retired in June 2016, saved $13,010 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Robinson would collect as much as $251,443, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Robinson received $5,285 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Robinson will have already received $16,336 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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