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Sangamon Sun

Friday, November 22, 2024

Former state school employee Denny paid in $4K to teachers' pension fund, could collect $52K in retirement

Money 06

Former state school employee Debra Denny, who retired in August 2018, saved $3,650 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Denny would collect as much as $51,815, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Denny received $1,089 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Denny will have already received $4,558 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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