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Quincy Reporter

Monday, November 25, 2024

Former state school employee Longo paid in $127K to teachers' pension fund, could collect $2.12M in retirement

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Former state school employee Matthew Longo, who retired in May 2016, saved $126,863 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Longo would collect as much as $2.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Longo received $44,558 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Longo will have already received $137,725 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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