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South Cook News

Friday, April 26, 2024

Former state school employee Bush paid in $94K to teachers' pension fund, could collect $1.78M in retirement

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Former state school employee Elsie Bush, who retired in January 2018, saved $94,467 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bush would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Bush received $37,515 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bush will have already received $115,954 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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