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Lake County Gazette

Monday, November 25, 2024

Former state school employee Portman paid in $11K to teachers' pension fund, could collect $178K in retirement

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Former state school employee Sandra Portman, who retired in May 2016, saved $10,681 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, Portman would collect as much as $177,979, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Portman received $3,741 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Portman will have already received $11,563 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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