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Southern Illinois News

Tuesday, November 5, 2024

Former state school employee Reid paid in $65K to teachers' pension fund, could collect $1.22M in retirement

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Former state school employee Linda Reid, who retired in June 2016, saved $64,863 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Reid would collect as much as $1.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Reid received $25,594 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reid will have already received $79,109 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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