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Sangamon Sun

Monday, November 25, 2024

Former state school employee Heidorn paid in $7K to teachers' pension fund, could collect $244K in retirement

Money 08

Former state school employee Randy Heidorn, who retired in January 2016, saved $6,799 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Heidorn would collect as much as $243,924, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Heidorn received $5,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Heidorn will have already received $10,408 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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