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Peoria Standard

Saturday, March 15, 2025

Former state school employee Czarnik paid in $24K to teachers' pension fund, could collect $327K in retirement

Money759

Former state school employee Michael Czarnik, who retired in June 2017, saved $24,108 toward a pension over 8 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Czarnik would collect as much as $326,637, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Czarnik received $6,865 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Czarnik will have already received $28,720 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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