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Sangamon Sun

Monday, November 25, 2024

Former state school employee Evans paid in $97K to teachers' pension fund, could collect $1.78M in retirement

Money 01

Former state school employee Deborah Evans, who retired in June 2017, saved $96,723 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Evans would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Evans received $37,436 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Evans will have already received $115,711 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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