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South Cook News

Friday, April 26, 2024

Former state school employee Richardella paid in $177K to teachers' pension fund, could collect $3.91M in retirement

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Former state school employee Lenora Richardella, who retired in June 2017, saved $177,300 toward a pension over 42 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Richardella would collect as much as $3.91 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Richardella received $82,210 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richardella will have already received $254,102 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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