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Quincy Reporter

Thursday, October 31, 2024

Former state school employee Keyes paid in $52K to teachers' pension fund, could collect $735K in retirement

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Former state school employee Timothy Keyes, who retired in May 2016, saved $51,557 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Keyes would collect as much as $735,262, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Keyes received $15,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Keyes will have already received $64,656 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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