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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Holmes paid in $87K to teachers' pension fund, could collect $1.84M in retirement

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Former state school employee Carol Holmes, who retired in November 2017, saved $87,257 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Holmes would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Holmes received $38,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Holmes will have already received $119,234 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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