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Quincy Reporter

Monday, November 25, 2024

Former state school employee Stroot paid in $129K to teachers' pension fund, could collect $2.02M in retirement

Money041

Former state school employee Margaret Stroot, who retired in May 2016, saved $129,032 toward a pension over 31 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Stroot would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Stroot received $42,369 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stroot will have already received $130,958 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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