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Sangamon Sun

Sunday, May 18, 2025

Former state school employee Rich paid in $54K to teachers' pension fund, could collect $799K in retirement

Money 08

Former state school employee Teresa Rich, who retired in May 2016, saved $53,519 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rich would collect as much as $798,855, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rich received $16,791 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rich will have already received $70,248 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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