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Macon Reporter

Monday, December 23, 2024

Former state school employee Berkman paid in $153K to teachers' pension fund, could collect $2.83M in retirement

Money 02

Former state school employee Louis Berkman, who retired in June 2016, saved $152,670 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Berkman would collect as much as $2.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Berkman received $59,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berkman will have already received $184,169 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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