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South Cook News

Wednesday, December 25, 2024

Former state school employee Thompson paid in $75K to teachers' pension fund, could collect $1.29M in retirement

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Former state school employee Barbara Thompson, who retired in June 2016, saved $75,281 toward a pension over 18 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 $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Thompson received $27,035 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $83,562 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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