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Rockford Sun

Tuesday, December 24, 2024

Former state school employee Harvey paid in $96K to teachers' pension fund, could collect $1.84M in retirement

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Former state school employee Paul Harvey, who retired in May 2017, saved $95,651 toward a pension over 24 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Harvey would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Harvey received $38,691 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harvey will have already received $119,591 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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