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South Cook News

Sunday, April 20, 2025

Former state school employee Swan paid in $205K to teachers' pension fund, could collect $4.27M in retirement

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Former state school employee Thomas Swan, who retired in May 2016, saved $204,980 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swan would collect as much as $4.27 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Swan received $89,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swan will have already received $277,415 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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