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McHenry Times

Saturday, April 20, 2024

Former state school employee Tenhoopen paid in $5K to teachers' pension fund, could collect $150K in retirement

Money041

Former state school employee Virginia Tenhoopen, who retired in April 2016, saved $4,974 toward a pension over 5 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Tenhoopen would collect as much as $149,628, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Tenhoopen received $3,145 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tenhoopen will have already received $6,384 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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