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Sangamon Sun

Thursday, April 25, 2024

Former state school employee Scott paid in $123K to teachers' pension fund, could collect $2.81M in retirement

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Former state school employee Timothy Scott, who retired in May 2017, saved $122,693 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $2.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Scott received $59,103 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $182,681 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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