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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Barnabe paid in $106K to teachers' pension fund, could collect $1.72M in retirement

Money759

Former state school employee Elizabeth Barnabe, who retired in May 2018, saved $106,054 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Barnabe would collect as much as $1.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Barnabe received $36,181 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Barnabe will have already received $111,831 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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