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West Cook News

Friday, April 26, 2024

Former state school employee Albro paid in $83K to teachers' pension fund, could collect $2.19M in retirement

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Former state school employee Michael Albro, who retired in August 2018, saved $83,019 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, Albro would collect as much as $2.19 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Albro received $46,042 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Albro will have already received $93,465 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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