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South West Illinois News

Sunday, November 24, 2024

Former state school employee Cheek paid in $142K to teachers' pension fund, could collect $2.89M in retirement

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Former state school employee Marion Cheek, who retired in June 2017, saved $141,602 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cheek would collect as much as $2.89 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Cheek received $60,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cheek will have already received $188,050 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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