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Rockford Sun

Tuesday, April 23, 2024

Former state school employee Levi paid in $97K to teachers' pension fund, could collect $1.51M in retirement

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Former state school employee Paul Levi, who retired in December 2017, saved $96,673 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Levi would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Levi received $31,772 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Levi will have already received $98,204 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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