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Sangamon Sun

Friday, April 19, 2024

Former state school employee Day paid in $75K to teachers' pension fund, could collect $948K in retirement

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Former state school employee Tammy Day, who retired in August 2018, saved $74,654 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Day would collect as much as $948,084, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Day received $19,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Day will have already received $83,372 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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