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Sangamon Sun

Friday, May 3, 2024

Former state school employee Molzahn paid in $10K to teachers' pension fund, could collect $160K in retirement

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Former state school employee Janet Molzahn, who retired in May 2017, saved $9,819 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Molzahn would collect as much as $159,647, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Molzahn received $3,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Molzahn will have already received $10,371 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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