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Former state school employee Cronin paid in $42K to teachers' pension fund, could collect $970K in retirement

Schools

By Local Labs News Service | Mar 1, 2016

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Former state school employee Mary Cronin, who retired in February 2016, saved $42,127 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cronin would collect as much as $969,893, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Cronin received $20,386 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cronin will have already received $63,012 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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