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Sangamon Sun

Friday, April 26, 2024

Former state school employee Sanidas paid in $66K to teachers' pension fund, could collect $840K in retirement

Money759

Former state school employee Tom Sanidas, who retired in April 2018, saved $66,210 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sanidas would collect as much as $840,235, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sanidas received $17,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sanidas will have already received $73,888 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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