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Kane County Reporter

Monday, November 25, 2024

Former state school employee Fernow paid in $17K to teachers' pension fund, could collect $392K in retirement

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Former state school employee Lynda Fernow, who retired in January 2017, saved $17,326 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Fernow would collect as much as $392,126, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Fernow received $8,242 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fernow will have already received $25,475 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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