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Chambana Sun

Sunday, November 24, 2024

Former state school employee Sweeney paid in $15K to teachers' pension fund, could collect $208K in retirement

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Former state school employee Jane Sweeney, who retired in April 2018, saved $15,260 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, Sweeney would collect as much as $207,923, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Sweeney received $4,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sweeney will have already received $18,282 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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