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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Miller paid in $120K to teachers' pension fund, could collect $2.25M in retirement

Money759

Former state school employee Mary Miller, who retired in May 2017, saved $119,993 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Miller received $47,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $146,416 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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