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South Cook News

Friday, April 19, 2024

Former state school employee Burns paid in $128K to teachers' pension fund, could collect $2.52M in retirement

Money 08

Former state school employee Anne Burns, who retired in December 2018, saved $128,271 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Burns would collect as much as $2.52 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Burns received $52,898 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Burns will have already received $163,503 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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