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Macon Reporter

Wednesday, November 6, 2024

Former state school employee Mason paid in $115K to teachers' pension fund, could collect $2.52M in retirement

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Former state school employee Kay Mason, who retired in May 2018, saved $115,315 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Mason would collect as much as $2.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Mason received $53,038 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mason will have already received $163,935 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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