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Sangamon Sun

Saturday, November 23, 2024

Former state school employee Reis paid in $24K to teachers' pension fund, could collect $985K in retirement

Money041

Former state school employee Jeannine Reis, who retired in April 2016, saved $23,615 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reis would collect as much as $985,199, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Reis received $20,708 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reis will have already received $42,037 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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