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Peoria Standard

Thursday, April 18, 2024

Former state school employee Williams paid in $7K to teachers' pension fund, could collect $178K in retirement

Money 08

Former state school employee Thomas Williams, who retired in January 2018, saved $7,455 toward a pension over 2 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $177,665, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Williams received $3,734 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Williams will have already received $7,580 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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