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Peoria Standard

Friday, November 22, 2024

Former state school employee Conover paid in $33K to teachers' pension fund, could collect $1M in retirement

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Former state school employee Carol Conover, who retired in February 2016, saved $32,687 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Conover would collect as much as $1 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Conover received $21,071 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Conover will have already received $42,774 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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