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McHenry Times

Friday, April 19, 2024

Former state school employee Low paid in $35K to teachers' pension fund, could collect $471K in retirement

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Former state school employee Kelly Low, who retired in May 2017, saved $35,325 toward a pension over 9 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Low would collect as much as $471,367, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Low received $9,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Low will have already received $41,446 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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