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Peoria Standard

Wednesday, December 25, 2024

Former state school employee Thomas paid in $151K to teachers' pension fund, could collect $3.18M in retirement

Money 08

Former state school employee Charlie Thomas, who retired in May 2016, saved $150,605 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $3.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Thomas received $66,937 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $206,895 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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