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Sangamon Sun

Thursday, April 18, 2024

Former state school employee Osburn paid in $23K to teachers' pension fund, could collect $912K in retirement

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Former state school employee Donald Osburn, who retired in May 2017, saved $23,002 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Osburn would collect as much as $912,329, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Osburn received $19,176 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Osburn will have already received $38,927 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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