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Metro East Sun

Friday, April 26, 2024

Former state school employee Leonard paid in $240K to teachers' pension fund, could collect $4.47M in retirement

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Former state school employee Pamela Leonard, who retired in August 2018, saved $239,595 toward a pension over 32 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Leonard would collect as much as $4.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Leonard received $93,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Leonard will have already received $290,496 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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