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McHenry Times

Wednesday, April 24, 2024

Former state school employee Clark paid in $70K to teachers' pension fund, could collect $1.04M in retirement

Money041

Former state school employee Jeffery Clark, who retired in May 2018, saved $70,305 toward a pension over 16 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Clark received $21,759 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clark will have already received $91,032 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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