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Peoria Standard

Monday, December 23, 2024

Former state school employee Kleinow paid in $37K to teachers' pension fund, could collect $841K in retirement

Money 08

Former state school employee Roberta Kleinow, who retired in January 2016, saved $37,309 toward a pension over 15 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Kleinow would collect as much as $841,085, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Kleinow received $17,679 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kleinow will have already received $54,643 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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