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Galesburg Reporter

Wednesday, April 24, 2024

Former state school employee Blakewell paid in $52K to teachers' pension fund, could collect $891K in retirement

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Former state school employee Marna Blakewell, who retired in December 2018, saved $52,259 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Blakewell would collect as much as $891,085, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Blakewell received $18,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Blakewell will have already received $57,890 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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