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Galesburg Reporter

Monday, December 23, 2024

Former state school employee Prince paid in $3K to teachers' pension fund, could collect $44K in retirement

Money 07

Former state school employee Allyse Prince, who retired in June 2016, saved $2,801 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Prince would collect as much as $44,028, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Prince received $925 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prince will have already received $2,860 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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