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SE Illinois News

Monday, November 25, 2024

Former state school employee Henshaw paid in $136K to teachers' pension fund, could collect $2.59M in retirement

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Former state school employee William Henshaw, who retired in May 2017, saved $135,790 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Henshaw would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Henshaw received $54,523 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henshaw will have already received $168,526 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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