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Chambana Sun

Sunday, November 24, 2024

Former state school employee Timmons paid in $107K to teachers' pension fund, could collect $1.94M in retirement

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Former state school employee Rebecca Timmons, who retired in June 2017, saved $106,669 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Timmons would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Timmons received $40,720 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Timmons will have already received $125,862 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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