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Peoria Standard

Sunday, November 24, 2024

Former state school employee Pattelli paid in $64K to teachers' pension fund, could collect $898K in retirement

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Former state school employee Marie Pattelli, who retired in September 2017, saved $63,852 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pattelli would collect as much as $897,902, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Pattelli received $18,873 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pattelli will have already received $78,957 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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