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Peoria Standard

Tuesday, December 24, 2024

Former state school employee Tompkins paid in $13K to teachers' pension fund, could collect $213K in retirement

Money 02

Former state school employee Bonnie Tompkins, who retired in May 2016, saved $13,393 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tompkins would collect as much as $213,153, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Tompkins received $4,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tompkins will have already received $13,846 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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