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Sangamon Sun

Wednesday, November 13, 2024

Former state school employee Klose paid in $82K to teachers' pension fund, could collect $1.25M in retirement

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Former state school employee Scott Klose, who retired in May 2018, saved $81,548 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Klose would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Klose received $26,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Klose will have already received $110,290 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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