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Macon Reporter

Monday, November 25, 2024

Former state school employee Wilson paid in $53K to teachers' pension fund, could collect $1.02M in retirement

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Former state school employee Ralph Wilson, who retired in March 2018, saved $52,849 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Wilson received $21,428 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $66,232 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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