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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Lyons paid in $9K to teachers' pension fund, could collect $116K in retirement

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Former state school employee Alphonso Lyons, who retired in May 2016, saved $9,403 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lyons would collect as much as $116,190, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Lyons received $2,442 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lyons will have already received $10,215 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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