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Former state school employee Sobak paid in $121K to teachers' pension fund, could collect $1.92M in retirement

Schools

By Local Labs News Service | Oct 1, 2016

Money 05

Former state school employee L. Sobak, who retired in September 2016, saved $120,605 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Sobak would collect as much as $1.92 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Sobak received $40,330 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sobak will have already received $124,656 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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