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Sangamon Sun

Friday, November 22, 2024

Former state school employee Kontney paid in $195K to teachers' pension fund, could collect $4.92M in retirement

Money 04

Former state school employee Nancy Kontney, who retired in May 2018, saved $195,211 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kontney would collect as much as $4.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kontney received $103,383 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kontney will have already received $209,867 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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