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South Cook News

Tuesday, December 24, 2024

Former state school employee Calvert paid in $20K to teachers' pension fund, could collect $403K in retirement

Money041

Former state school employee Lisa Calvert, who retired in June 2016, saved $20,236 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Calvert would collect as much as $402,813, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Calvert received $8,466 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Calvert will have already received $26,168 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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