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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee Anderson paid in $131K to teachers' pension fund, could collect $2.93M in retirement

Money 05

Former state school employee Jeffrey Anderson, who retired in May 2018, saved $130,950 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Anderson received $61,683 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $190,655 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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