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North Egypt News

Thursday, November 21, 2024

Former state school employee Young paid in $63K to teachers' pension fund, could collect $1.08M in retirement

Money 03

Former state school employee Karen Young, who retired in June 2016, saved $63,062 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, Young would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Young received $22,743 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $70,296 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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