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Illinois Valley Times

Thursday, December 26, 2024

Former state school employee Fehrenbacher paid in $61K to teachers' pension fund, could collect $1.04M in retirement

Money272

Former state school employee Marykay Fehrenbacher, who retired in May 2017, saved $61,039 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, Fehrenbacher would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Fehrenbacher received $21,843 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fehrenbacher will have already received $67,514 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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