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Former state school employee Jimerson paid in $8K to teachers' pension fund, could collect $99K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

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Former state school employee Chauncey Jimerson, who retired in December 2017, saved $8,396 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Jimerson would collect as much as $98,595, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Jimerson received $2,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Jimerson will have already received $8,668 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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