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Sangamon Sun

Thursday, April 18, 2024

Former state school employee Ross paid in $47K to teachers' pension fund, could collect $979K in retirement

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Former state school employee Jack Ross, who retired in October 2017, saved $46,800 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ross would collect as much as $979,336, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ross received $20,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ross will have already received $63,624 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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