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Illinois Valley Times

Friday, December 27, 2024

Former state school employee Kelly paid in $133K to teachers' pension fund, could collect $2.75M in retirement

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Former state school employee Terri Kelly, who retired in May 2017, saved $132,826 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Kelly received $57,906 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kelly will have already received $178,981 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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