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McHenry Times

Thursday, April 18, 2024

Former state school employee Popovich paid in $203K to teachers' pension fund, could collect $4.41M in retirement

Money 01

Former state school employee James Popovich, who retired in December 2016, saved $203,359 toward a pension over 36 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Popovich would collect as much as $4.41 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Popovich received $92,599 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Popovich will have already received $286,214 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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