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Quincy Reporter

Friday, November 22, 2024

Former state school employee Will paid in $89K to teachers' pension fund, could collect $1.41M in retirement

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Former state school employee Lori Will, who retired in September 2017, saved $89,259 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Will would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Will received $29,655 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Will will have already received $91,661 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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