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North Egypt News

Friday, November 8, 2024

Former state school employee Tockstein paid in $109K to teachers' pension fund, could collect $1.94M in retirement

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Former state school employee Katherine Tockstein, who retired in May 2017, saved $109,177 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tockstein would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Tockstein received $40,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tockstein will have already received $125,713 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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