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Sangamon Sun

Monday, November 25, 2024

Former state school employee Kelley paid in $50K to teachers' pension fund, could collect $1.14M in retirement

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Former state school employee Shannon Kelley, who retired in July 2017, saved $50,298 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kelley would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kelley received $23,857 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelley will have already received $73,740 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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