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Kane County Reporter

Sunday, September 29, 2024

Former state school employee Tolley paid in $94K to teachers' pension fund, could collect $1.85M in retirement

Money759

Former state school employee Tresa Tolley, who retired in May 2016, saved $94,094 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tolley would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Tolley received $38,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tolley will have already received $120,359 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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