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McHenry Times

Monday, May 20, 2024

Former state school employee Rivera paid in $168K to teachers' pension fund, could collect $1.96M in retirement

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Former state school employee Robert Rivera, who retired in May 2018, saved $167,522 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, Rivera would collect as much as $1.96 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Rivera received $41,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rivera will have already received $172,061 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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