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Illinois Valley Times

Monday, November 18, 2024

Former state school employee Clair paid in $64K to teachers' pension fund, could collect $1.57M in retirement

Money 02

Former state school employee Kathyleen Clair, who retired in September 2017, saved $63,812 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clair would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Clair received $33,089 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Clair will have already received $67,171 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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