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South Cook News

Friday, May 24, 2024

Former state school employee Johnson paid in $130K to teachers' pension fund, could collect $2.4M in retirement

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Former state school employee Sharon Johnson, who retired in May 2016, saved $129,582 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Johnson received $50,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $156,177 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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