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Former state school employee Russell paid in $143K to teachers' pension fund, could collect $3.55M in retirement

Schools

By Local Labs News Service | Jul 1, 2016

Money 04

Former state school employee Robin Russell, who retired in June 2016, saved $142,974 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Russell would collect as much as $3.55 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Russell received $74,613 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Russell will have already received $151,464 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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