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Kane County Reporter

Saturday, April 20, 2024

Former state school employee Howells paid in $123K to teachers' pension fund, could collect $1.79M in retirement

Money 04

Former state school employee Kimberly Howells, who retired in June 2018, saved $123,041 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Howells would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Howells received $37,633 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Howells will have already received $157,443 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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