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West Cook News

Saturday, May 4, 2024

Former state school employee Prale paid in $315K to teachers' pension fund, could collect $6.03M in retirement

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Former state school employee Philip Prale, who retired in August 2017, saved $315,037 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Prale would collect as much as $6.03 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Prale received $126,764 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prale will have already received $391,815 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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