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Kankakee Times

Saturday, April 20, 2024

Former state school employee Fitzpatrick paid in $133K to teachers' pension fund, could collect $3.05M in retirement

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Former state school employee Mary Fitzpatrick, who retired in December 2016, saved $133,012 toward a pension over 38 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fitzpatrick would collect as much as $3.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Fitzpatrick received $64,043 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fitzpatrick will have already received $197,950 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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