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Monday, April 6, 2020

Former state school employee Klaas paid in $112K to teachers' pension fund, could collect $2.18M in retirement

Schools

By Local Labs News Service | Sep 1, 2016

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Former state school employee Mary Klaas, who retired in August 2016, saved $111,871 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Klaas would collect as much as $2.18 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Klaas received $45,898 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Klaas will have already received $141,866 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Illinois State Board of Education

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