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Rock Island Today

Monday, November 25, 2024

Former state school employee Ruthey paid in $58K to teachers' pension fund, could collect $1.05M in retirement

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Former state school employee Mia Ruthey, who retired in August 2018, saved $58,121 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ruthey would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Ruthey received $21,977 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ruthey will have already received $67,928 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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