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Illinois Valley Times

Wednesday, December 25, 2024

Former state school employee Wollgast paid in $4K to teachers' pension fund, could collect $101K in retirement

Money272

Former state school employee Debbie Wollgast, who retired in January 2017, saved $4,214 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wollgast would collect as much as $100,947, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Wollgast received $2,121 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wollgast will have already received $4,306 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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