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Peoria Standard

Sunday, September 29, 2024

Former state school employee Lewis paid in $119K to teachers' pension fund, could collect $2.05M in retirement

Money041

Former state school employee Cheryl Lewis, who retired in May 2018, saved $119,235 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lewis would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Lewis received $43,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lewis will have already received $133,082 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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