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Kane County Reporter

Tuesday, November 26, 2024

Former state school employee Paul paid in $176K to teachers' pension fund, could collect $2.76M in retirement

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Former state school employee Louis Paul, who retired in May 2016, saved $176,187 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, Paul would collect as much as $2.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Paul received $58,076 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Paul will have already received $179,507 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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