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North Egypt News

Friday, November 8, 2024

Former state school employee Pauls paid in $4K to teachers' pension fund, could collect $187K in retirement

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Former state school employee Teresa Pauls, who retired in July 2016, saved $4,428 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pauls would collect as much as $187,074, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Pauls received $3,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pauls will have already received $7,982 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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