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Kankakee Times

Wednesday, November 27, 2024

Former state school employee Martin paid in $87K to teachers' pension fund, could collect $1.73M in retirement

Money 07

Former state school employee Pamela Martin, who retired in May 2017, saved $87,378 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Kankakee Times.

The projection assumes Martin received $36,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $112,160 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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