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South Cook News

Tuesday, December 24, 2024

Former state school employee Swift paid in $96K to teachers' pension fund, could collect $1.89M in retirement

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Former state school employee Christine Swift, who retired in June 2016, saved $96,011 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swift would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Swift received $39,688 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swift will have already received $122,672 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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