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Peoria Standard

Sunday, November 24, 2024

Former state school employee Pasteris paid in $27K to teachers' pension fund, could collect $888K in retirement

Money 08

Former state school employee Carol Pasteris, who retired in August 2018, saved $26,794 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pasteris would collect as much as $888,185, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Pasteris received $18,669 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pasteris will have already received $37,898 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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