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South West Illinois News

Thursday, December 26, 2024

Former state school employee Sorrows paid in $128K to teachers' pension fund, could collect $2.72M in retirement

Money 05

Former state school employee Carolyn Sorrows, who retired in July 2017, saved $127,951 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, Sorrows would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes SW Illinois News.

The projection assumes Sorrows received $57,227 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sorrows will have already received $176,883 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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