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Rockford Sun

Wednesday, December 25, 2024

Former state school employee Cleburn paid in $90K to teachers' pension fund, could collect $1.65M in retirement

Money041

Former state school employee Nancy Cleburn, who retired in May 2017, saved $90,373 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cleburn would collect as much as $1.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Cleburn received $34,581 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cleburn will have already received $106,886 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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