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Sangamon Sun

Friday, April 26, 2024

Former state school employee Held paid in $161K to teachers' pension fund, could collect $2.93M in retirement

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Former state school employee Linda Held, who retired in May 2017, saved $160,500 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Held would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Held received $61,520 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Held will have already received $190,153 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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