Sangamon Sun

Sangamon Sun

Monday, February 17, 2020

Former state school employee Lau paid in $9K to teachers' pension fund, could collect $471K in retirement

Schools

By Local Labs News Service | Oct 1, 2018

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Former state school employee Linda Lau, who retired in September 2018, saved $8,556 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lau would collect as much as $470,574, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lau received $9,891 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Lau will have already received $9,891 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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