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North Egypt News

Thursday, November 21, 2024

Former state school employee Adcock paid in $67K to teachers' pension fund, could collect $890K in retirement

Money 07

Former state school employee Margaret Adcock, who retired in May 2017, saved $67,288 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Adcock would collect as much as $890,046, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Adcock received $18,708 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Adcock will have already received $78,266 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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