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Metro East Sun

Monday, May 20, 2024

Former state school employee Koch paid in $202K to teachers' pension fund, could collect $3.48M in retirement

Money 07

Former state school employee Ronald Koch, who retired in May 2017, saved $201,994 toward a pension over 33 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Koch would collect as much as $3.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Koch received $73,114 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Koch will have already received $225,987 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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