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South Cook News

Friday, November 15, 2024

Former state school employee Willis paid in $71K to teachers' pension fund, could collect $1.14M in retirement

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Former state school employee Kevin Willis, who retired in October 2017, saved $71,296 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Willis received $23,861 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Willis will have already received $73,752 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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