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Peoria Standard

Monday, November 25, 2024

Former state school employee Marshall paid in $64K to teachers' pension fund, could collect $1.6M in retirement

Money 07

Former state school employee Daniel Marshall, who retired in November 2017, saved $63,951 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Marshall would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Marshall received $33,628 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Marshall will have already received $68,265 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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