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Rock Island Today

Monday, December 9, 2019

Former state school employee Seiver paid in $69K to teachers' pension fund, could collect $1.05M in retirement

Schools

By Rock Island Today Reports | Jul 1, 2017

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Former state school employee Marie Seiver, who retired in June 2017, saved $68,905 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Seiver 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 Seiver received $22,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Seiver will have already received $92,568 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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