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Grundy Reporter

Friday, November 22, 2024

Former state school employee Swinney paid in $154K to teachers' pension fund, could collect $4.15M in retirement

Money 01

Former state school employee Jane Swinney, who retired in May 2017, saved $153,803 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Swinney would collect as much as $4.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Grundy Reporter.

The projection assumes Swinney received $87,213 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Swinney will have already received $177,042 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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