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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Hall paid in $78K to teachers' pension fund, could collect $1.36M in retirement

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Former state school employee Laura Hall, who retired in May 2016, saved $78,218 toward a pension over 22 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Hall received $28,653 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hall will have already received $88,564 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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