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Grundy Reporter

Tuesday, November 5, 2024

Former state school employee Moritz paid in $105K to teachers' pension fund, could collect $1.69M in retirement

Money 01

Former state school employee Nancy Moritz, who retired in May 2017, saved $104,932 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Moritz would collect as much as $1.69 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Moritz received $35,589 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Moritz will have already received $110,003 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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