Former state school employee Pate paid in $101K to teachers' pension fund, could collect $1.68M in retirement

By Local Labs News Service

Jun 1, 2017

Former state school employee Mildred Pate, who retired in May 2017, saved $101,180 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pate would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Pate received $35,389 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pate will have already received $109,385 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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