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Rockford Sun

Tuesday, December 24, 2024

Former state school employee Hanna paid in $98K to teachers' pension fund, could collect $1.68M in retirement

Money 06

Former state school employee Luanne Hanna, who retired in May 2017, saved $97,702 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hanna would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Hanna received $35,363 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hanna will have already received $109,304 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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