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Rockford Sun

Thursday, December 26, 2024

Former state school employee Andeen paid in $17K to teachers' pension fund, could collect $210K in retirement

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Former state school employee Timothy Andeen, who retired in June 2017, saved $16,627 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Andeen would collect as much as $209,727, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Andeen received $4,408 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Andeen will have already received $18,440 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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