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West Cook News

Monday, December 23, 2024

Former state school employee Valdovinos paid in $133K to teachers' pension fund, could collect $2.63M in retirement

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Former state school employee Luis Valdovinos, who retired in June 2016, saved $132,533 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, Valdovinos would collect as much as $2.63 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Valdovinos received $55,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Valdovinos will have already received $170,921 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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