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Sangamon Sun

Friday, November 22, 2024

Former state school employee Zimmerman paid in $102K to teachers' pension fund, could collect $2.48M in retirement

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Former state school employee Barbara Zimmerman, who retired in May 2017, saved $101,780 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zimmerman would collect as much as $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Zimmerman received $52,051 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zimmerman will have already received $105,664 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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