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North Egypt News

Friday, November 8, 2024

Former state school employee Avery paid in $51K to teachers' pension fund, could collect $1.15M in retirement

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Former state school employee Michael Avery, who retired in October 2016, saved $50,971 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Avery would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Avery received $24,097 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Avery will have already received $74,482 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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