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North Egypt News

Friday, November 8, 2024

Former state school employee Williams paid in $82K to teachers' pension fund, could collect $1.48M in retirement

Money759

Former state school employee Nancy Williams, who retired in July 2016, saved $81,753 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.48 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Williams received $31,109 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $96,154 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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