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Chambana Sun

Saturday, November 23, 2024

Former state school employee Rowell paid in $72K to teachers' pension fund, could collect $1.78M in retirement

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Former state school employee Tim Rowell, who retired in May 2016, saved $72,130 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rowell would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Rowell received $37,446 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rowell will have already received $76,015 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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