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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Howland paid in $63K to teachers' pension fund, could collect $1.29M in retirement

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Former state school employee Susan Howland, who retired in May 2018, saved $63,397 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Howland would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Howland received $27,015 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howland will have already received $83,500 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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