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Southern Illinois News

Friday, November 22, 2024

Former state school employee Koch paid in $122K to teachers' pension fund, could collect $2.17M in retirement

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Former state school employee Mary Koch, who retired in May 2018, saved $122,210 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Koch would collect as much as $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Koch received $45,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koch will have already received $141,131 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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