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North Egypt News

Thursday, November 21, 2024

Former state school employee Hover paid in $103K to teachers' pension fund, could collect $1.85M in retirement

Money 08

Former state school employee Janice Hover, who retired in May 2017, saved $103,389 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hover would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Hover received $38,956 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hover will have already received $120,410 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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