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Quincy Reporter

Monday, November 25, 2024

Former state school employee Stroot paid in $52K to teachers' pension fund, could collect $616K in retirement

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Former state school employee Loraine Stroot, who retired in May 2016, saved $51,667 toward a pension over 13 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 $616,229, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Stroot received $12,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Stroot will have already received $54,187 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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