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Peoria Standard

Friday, April 19, 2024

Former state school employee Ciucci paid in $8K to teachers' pension fund, could collect $92K in retirement

Money 06

Former state school employee Elizabeth Ciucci, who retired in May 2018, saved $7,818 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ciucci would collect as much as $91,784, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Ciucci received $1,929 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ciucci will have already received $8,071 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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