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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Bachman paid in $79K to teachers' pension fund, could collect $1.5M in retirement

Money272

Former state school employee Daniel Bachman, who retired in May 2016, saved $78,581 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bachman would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Bachman received $31,623 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bachman will have already received $97,744 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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