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Wednesday, February 19, 2020

Former state school employee Harris paid in $9K to teachers' pension fund, could collect $143K in retirement

Schools

By Local Labs News Service | Jul 1, 2016

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Former state school employee Isaac Harris, who retired in June 2016, saved $9,376 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, Harris would collect as much as $142,572, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Harris received $2,996 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Harris will have already received $12,535 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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