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Dupage Policy Journal

Thursday, April 18, 2024

Former state school employee Elliott paid in $2K to teachers' pension fund, could collect $35K in retirement

Money 03

Former state school employee Sheila Elliott, who retired in May 2016, saved $1,635 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Elliott would collect as much as $35,236, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Elliott received $740 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Elliott will have already received $2,287 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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