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McHenry Times

Monday, May 20, 2024

Former state school employee Foerster paid in $130K to teachers' pension fund, could collect $2.91M in retirement

Money 05

Former state school employee Laure Foerster, who retired in May 2018, saved $130,047 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Foerster would collect as much as $2.91 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Foerster received $61,251 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Foerster will have already received $189,322 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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