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Sangamon Sun

Tuesday, November 5, 2024

Former state school employee Verhines paid in $114K to teachers' pension fund, could collect $2.38M in retirement

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Former state school employee Nancy Verhines, who retired in May 2017, saved $113,946 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Verhines would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Verhines received $50,058 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Verhines will have already received $154,725 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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