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West Cook News

Thursday, April 25, 2024

Former state school employee Leahy paid in $95K to teachers' pension fund, could collect $1.32M in retirement

Money 02

Former state school employee Carolyn Leahy, who retired in June 2016, saved $94,954 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, Leahy would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Leahy received $27,662 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Leahy will have already received $115,728 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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