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South Central Reporter

Wednesday, November 6, 2024

Former state school employee Warner paid in $183K to teachers' pension fund, could collect $3.39M in retirement

Money 05

Former state school employee Elizabeth Warner, who retired in May 2018, saved $182,668 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Warner would collect as much as $3.39 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Warner received $71,235 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Warner will have already received $220,180 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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