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South Cook News

Tuesday, November 5, 2024

Former state school employee Germany paid in $33K to teachers' pension fund, could collect $747K in retirement

Money759

Former state school employee Carla Germany, who retired in November 2016, saved $33,374 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, Germany would collect as much as $746,680, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Germany received $15,694 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Germany will have already received $48,509 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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