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Galesburg Reporter

Tuesday, November 5, 2024

Former state school employee Mann paid in $93K to teachers' pension fund, could collect $1.87M in retirement

Money 06

Former state school employee Denise Mann, who retired in May 2018, saved $92,639 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mann would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Mann received $39,270 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mann will have already received $121,379 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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