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Kane County Reporter

Monday, November 25, 2024

Former state school employee Bauer paid in $189K to teachers' pension fund, could collect $4.56M in retirement

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Former state school employee Jay Bauer, who retired in May 2017, saved $188,792 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bauer would collect as much as $4.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Bauer received $95,757 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bauer will have already received $194,387 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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