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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Alwan paid in $144K to teachers' pension fund, could collect $4.9M in retirement

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Former state school employee Sandra Alwan, who retired in May 2016, saved $143,833 toward a pension over 48 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Alwan would collect as much as $4.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Alwan received $102,970 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Alwan will have already received $209,029 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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