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Chambana Sun

Sunday, November 24, 2024

Former state school employee Sankins paid in $113K to teachers' pension fund, could collect $2.78M in retirement

Money 05

Former state school employee Susan Sankins, who retired in June 2017, saved $113,334 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, Sankins would collect as much as $2.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Sankins received $58,483 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sankins will have already received $118,720 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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