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Sangamon Sun

Monday, September 30, 2024

Former state school employee Brandon paid in $87K to teachers' pension fund, could collect $1.21M in retirement

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Former state school employee Peggy Brandon, who retired in June 2017, saved $87,095 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Brandon would collect as much as $1.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brandon received $25,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brandon will have already received $106,202 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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