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Macon Reporter

Monday, December 23, 2024

Former state school employee Powers paid in $106K to teachers' pension fund, could collect $2.28M in retirement

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Former state school employee Paul Powers, who retired in May 2017, saved $105,803 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Powers would collect as much as $2.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Powers received $47,979 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Powers will have already received $148,298 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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