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Friday, November 22, 2024

Former state school employee Bleecker paid in $41K to teachers' pension fund, could collect $1.5M in retirement

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Former state school employee Patricia Bleecker, who retired in May 2018, saved $40,722 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bleecker would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bleecker received $31,622 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bleecker will have already received $64,193 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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