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Sangamon Sun

Friday, November 22, 2024

Former state school employee Leenig paid in $159K to teachers' pension fund, could collect $3.78M in retirement

Money 02

Former state school employee Pamela Leenig, who retired in June 2018, saved $158,920 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Leenig would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Leenig received $79,392 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Leenig will have already received $161,166 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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