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Rock Island Today

Friday, April 26, 2024

Former state school employee Miller paid in $89K to teachers' pension fund, could collect $1.45M in retirement

Money041

Former state school employee Susan Miller, who retired in May 2017, saved $88,985 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, Miller would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Miller received $30,542 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $94,402 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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