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North Egypt News

Thursday, November 21, 2024

Former state school employee Van Horn paid in $145K to teachers' pension fund, could collect $3.44M in retirement

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Former state school employee Lori Van Horn, who retired in May 2018, saved $145,364 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Van Horn would collect as much as $3.44 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Van Horn received $72,264 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Van Horn will have already received $146,696 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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