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Sangamon Sun

Friday, May 3, 2024

Former state school employee Shanfeld paid in $69K to teachers' pension fund, could collect $1.09M in retirement

Money 06

Former state school employee Debra Shanfeld, who retired in June 2017, saved $69,131 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Shanfeld would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Shanfeld received $22,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shanfeld will have already received $70,803 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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