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West Cook News

Monday, December 23, 2024

Former state school employee Caplan paid in $109K to teachers' pension fund, could collect $1.81M in retirement

Money041

Former state school employee Margaret Caplan, who retired in June 2016, saved $108,716 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Caplan would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Caplan received $38,002 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Caplan will have already received $117,460 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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