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Sangamon Sun

Friday, November 22, 2024

Former state school employee Neubauer paid in $137K to teachers' pension fund, could collect $1.95M in retirement

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Former state school employee Timothy Neubauer, who retired in June 2018, saved $137,015 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Neubauer would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Neubauer received $40,986 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Neubauer will have already received $171,470 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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