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South Cook News

Sunday, June 16, 2024

Former state school employee Thompson paid in $92K to teachers' pension fund, could collect $1.54M in retirement

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Former state school employee Barbara Thompson, who retired in June 2017, saved $91,834 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $1.54 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Thompson received $32,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $100,343 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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