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West Cook News

Tuesday, December 24, 2024

Former state school employee Johnson paid in $3K to teachers' pension fund, could collect $144K in retirement

Money759

Former state school employee Georgette Johnson, who retired in June 2016, saved $2,638 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $143,576, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Johnson received $3,017 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Johnson will have already received $3,017 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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