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Peoria Standard

Sunday, November 24, 2024

Former state school employee Zwaga paid in $69K to teachers' pension fund, could collect $832K in retirement

Money 06

Former state school employee Jamie Zwaga, who retired in September 2017, saved $68,512 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Zwaga would collect as much as $831,768, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Zwaga received $17,483 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zwaga will have already received $73,140 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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