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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Busch paid in $19K to teachers' pension fund, could collect $271K in retirement

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Former state school employee Thomas Busch, who retired in May 2018, saved $18,699 toward a pension over 13 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Busch would collect as much as $271,002, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Busch received $5,696 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Busch will have already received $23,830 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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