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Rock Island Today

Monday, May 20, 2024

Former state school employee Myers paid in $122K to teachers' pension fund, could collect $2.85M in retirement

Money 01

Former state school employee Lynn Myers, who retired in May 2016, saved $122,036 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Myers would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Myers received $59,993 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Myers will have already received $185,433 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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