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Monday, April 6, 2020

Former state school employee Ozment paid in $1K to teachers' pension fund, could collect $30K in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state school employee Janice Ozment, who retired in May 2016, saved $1,464 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ozment would collect as much as $29,961, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Ozment received $629 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ozment will have already received $1,944 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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