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Sangamon Sun

Monday, November 25, 2024

Former state school employee Pace paid in $74K to teachers' pension fund, could collect $1.4M in retirement

Money041

Former state school employee Rebecca Pace, who retired in May 2017, saved $74,314 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pace would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pace received $29,401 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pace will have already received $90,875 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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