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West Cook News

Monday, November 18, 2024

Former state school employee Kearney paid in $204K to teachers' pension fund, could collect $2.88M in retirement

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Former state school employee Lauri Kearney, who retired in July 2017, saved $203,956 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, Kearney would collect as much as $2.88 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Kearney received $60,432 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kearney will have already received $252,824 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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