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Sangamon Sun

Friday, April 26, 2024

Former state school employee Connor paid in $71K to teachers' pension fund, could collect $1.58M in retirement

Money 08

Former state school employee Kimberly Connor, who retired in October 2017, saved $70,665 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Connor would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Connor received $33,149 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Connor will have already received $102,459 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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