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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Knoblauch paid in $120K to teachers' pension fund, could collect $2.68M in retirement

Money 06

Former state school employee Susan Knoblauch, who retired in June 2018, saved $120,368 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Knoblauch would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Knoblauch received $56,262 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Knoblauch will have already received $173,901 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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