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South Central Reporter

Saturday, November 23, 2024

Former state school employee Andrews paid in $88K to teachers' pension fund, could collect $2.1M in retirement

Money 06

Former state school employee Lorie Andrews, who retired in May 2016, saved $88,031 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andrews would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Andrews received $44,115 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Andrews will have already received $89,553 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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