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Sangamon Sun

Monday, November 25, 2024

Former state school employee Licke paid in $207K to teachers' pension fund, could collect $4.5M in retirement

Money 06

Former state school employee Mary Licke, who retired in July 2016, saved $206,718 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Licke would collect as much as $4.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Licke received $94,598 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Licke will have already received $292,393 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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