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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Russ paid in $7K to teachers' pension fund, could collect $95K in retirement

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Former state school employee Catherine Russ, who retired in May 2016, saved $7,424 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Russ would collect as much as $94,638, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Russ received $1,989 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Russ will have already received $8,321 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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