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Peoria Standard

Wednesday, December 25, 2024

Former state school employee Mann paid in $59K to teachers' pension fund, could collect $922K in retirement

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Former state school employee Sharon Mann, who retired in May 2016, saved $58,758 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mann would collect as much as $921,988, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Mann received $19,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mann will have already received $59,898 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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