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Kane County Reporter

Monday, November 25, 2024

Former state school employee White paid in $181K to teachers' pension fund, could collect $3.96M in retirement

Money 03

Former state school employee Melissa White, who retired in May 2016, saved $181,196 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, White would collect as much as $3.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes White received $83,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $257,547 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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