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South Central Reporter

Saturday, November 23, 2024

Former state school employee Callan paid in $69K to teachers' pension fund, could collect $985K in retirement

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Former state school employee Marcia Callan, who retired in May 2016, saved $68,785 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Callan would collect as much as $985,393, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Callan received $20,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Callan will have already received $86,650 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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