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West Cook News

Friday, November 22, 2024

Former state school employee Sanders paid in $113K to teachers' pension fund, could collect $2.56M in retirement

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Former state school employee Renee Sanders, who retired in May 2016, saved $113,221 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sanders would collect as much as $2.56 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Sanders received $53,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sanders will have already received $166,333 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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