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SE Illinois News

Monday, April 6, 2020

Former state school employee Short paid in $10K to teachers' pension fund, could collect $549K in retirement


By Local Labs News Service | Apr 1, 2016

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Former state school employee Rachel Short, who retired in March 2016, saved $10,203 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Short would collect as much as $548,942, according to a projection by Local Government Information Services (LGIS), which publishes SE Illinois News.

The projection assumes Short received $11,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Short will have already received $11,538 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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