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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Foley paid in $69K to teachers' pension fund, could collect $1.07M in retirement

Money 03

Former state school employee Kathleen Foley, who retired in June 2016, saved $69,396 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Foley would collect as much as $1.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Foley received $22,427 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Foley will have already received $93,827 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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