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Peoria Standard

Monday, November 25, 2024

Former state school employee Dietrich paid in $261K to teachers' pension fund, could collect $5.92M in retirement

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Former state school employee Parker Dietrich, who retired in December 2017, saved $260,594 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dietrich would collect as much as $5.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Dietrich received $124,375 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dietrich will have already received $384,430 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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