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Kane County Reporter

Monday, November 25, 2024

Former state school employee Russo paid in $201K to teachers' pension fund, could collect $4.25M in retirement

Money 03

Former state school employee Daniel Russo, who retired in May 2016, saved $200,879 toward a pension over 40 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Russo would collect as much as $4.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Russo received $89,261 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Russo will have already received $275,897 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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