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South Cook News

Saturday, November 23, 2024

Former state school employee Bozeman paid in $76K to teachers' pension fund, could collect $1.09M in retirement

Money041

Former state school employee Joseph Bozeman, who retired in November 2016, saved $76,156 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

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

The projection assumes Bozeman received $22,908 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bozeman will have already received $95,838 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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