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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee Kovacik paid in $6K to teachers' pension fund, could collect $123K in retirement

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Former state school employee Cynthia Kovacik, who retired in May 2018, saved $6,154 toward a pension over 4 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kovacik would collect as much as $123,389, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Kovacik received $2,593 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kovacik will have already received $8,015 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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