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Sangamon Sun

Saturday, May 10, 2025

Former state school employee Albert paid in $119K to teachers' pension fund, could collect $2.58M in retirement

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Former state school employee Gary Albert, who retired in September 2017, saved $119,229 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, Albert would collect as much as $2.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Albert received $54,140 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Albert will have already received $167,341 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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