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South Cook News

Wednesday, December 25, 2024

Former state school employee Devine paid in $67K to teachers' pension fund, could collect $1.58M in retirement

Money 05

Former state school employee Ellen Devine, who retired in June 2016, saved $67,330 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Devine would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Devine received $33,303 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Devine will have already received $67,605 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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