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Sunday, February 23, 2020

Former state school employee Rice paid in $208K to teachers' pension fund, could collect $4.63M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

Money836

Former state school employee Sally Rice, who retired in June 2017, saved $207,919 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Rice would collect as much as $4.63 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Rice received $97,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rice will have already received $300,621 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Elmhurst Community Unit School District 205

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