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Sangamon Sun

Friday, April 19, 2024

Former state school employee Love paid in $42K to teachers' pension fund, could collect $1.59M in retirement

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Former state school employee Amy Love, who retired in August 2018, saved $42,499 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Love would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Love received $33,356 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Love will have already received $67,713 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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