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Peoria Standard

Friday, November 22, 2024

Former state school employee Bateman paid in $38K to teachers' pension fund, could collect $549K in retirement

Money 01

Former state school employee Peggy Bateman, who retired in April 2016, saved $37,765 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bateman would collect as much as $548,788, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Bateman received $11,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bateman will have already received $48,257 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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