Dupage Policy Journal

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Friday, December 6, 2019

Former state school employee Kerins paid in $186K to teachers' pension fund, could collect $3.91M in retirement

Schools

By Local Labs News Service | Jun 1, 2018

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Former state school employee Terry Kerins, who retired in May 2018, saved $186,318 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kerins would collect as much as $3.91 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Kerins received $82,206 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kerins will have already received $254,090 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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