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Sangamon Sun

Monday, November 25, 2024

Former state school employee Mlinar paid in $89K to teachers' pension fund, could collect $1.55M in retirement

Money 06

Former state school employee James Mlinar, who retired in February 2016, saved $88,983 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mlinar would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mlinar received $32,551 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mlinar will have already received $100,613 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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