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Dupage Policy Journal

Friday, April 19, 2024

Former state school employee Coffee paid in $9K to teachers' pension fund, could collect $116K in retirement

Money 04

Former state school employee Roberta Coffee, who retired in May 2017, saved $8,784 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Coffee would collect as much as $115,574, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Coffee received $2,429 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Coffee will have already received $10,162 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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