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Peoria Standard

Tuesday, November 5, 2024

Former state school employee Cole paid in $54K to teachers' pension fund, could collect $1.78M in retirement

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Former state school employee Jill Cole, who retired in January 2016, saved $54,170 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, Cole would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Cole received $37,451 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cole will have already received $76,026 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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