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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Valle paid in $131K to teachers' pension fund, could collect $2.9M in retirement

Money 05

Former state school employee Glenda Valle, who retired in May 2017, saved $130,615 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Valle would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Valle received $60,985 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Valle will have already received $188,499 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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