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Sangamon Sun

Monday, November 25, 2024

Former state school employee Sabra paid in $22K to teachers' pension fund, could collect $358K in retirement

Money 03

Former state school employee Souheila Sabra, who retired in July 2016, saved $22,185 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sabra would collect as much as $357,751, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sabra received $7,519 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sabra will have already received $23,241 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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