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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Pozzi paid in $148K to teachers' pension fund, could collect $3.24M in retirement

Money759

Former state school employee Cynthia Pozzi, who retired in July 2017, saved $148,391 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pozzi would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pozzi received $68,155 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pozzi will have already received $210,661 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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