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Kankakee Times

Tuesday, November 26, 2024

Former state school employee Hall paid in $114K to teachers' pension fund, could collect $1.68M in retirement

Money 06

Former state school employee Mary Hall, who retired in May 2017, saved $113,704 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Hall received $35,256 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hall will have already received $147,498 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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