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North Egypt News

Thursday, November 7, 2024

Former state school employee Miller paid in $5K to teachers' pension fund, could collect $107K in retirement

Money 08

Former state school employee Carolyn Miller, who retired in February 2018, saved $4,834 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $106,856, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Miller received $2,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $6,941 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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