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McHenry Times

Wednesday, April 24, 2024

Former state school employee Szabo paid in $102K to teachers' pension fund, could collect $1.8M in retirement

Money 04

Former state school employee Carolyn Szabo, who retired in May 2018, saved $102,284 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Szabo would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Szabo received $37,882 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Szabo will have already received $117,089 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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