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Monday, April 6, 2020

Former state school employee Lemons paid in $122K to teachers' pension fund, could collect $2.41M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state school employee Linda Lemons, who retired in May 2016, saved $121,720 toward a pension over 37 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lemons would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Lemons received $50,671 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lemons will have already received $156,619 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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