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Carbondale Reporter

Sunday, November 24, 2024

Former state school employee Blair paid in $157K to teachers' pension fund, could collect $3.46M in retirement

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Former state school employee Michael Blair, who retired in May 2016, saved $156,925 toward a pension over 41 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Blair would collect as much as $3.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Blair received $72,826 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Blair will have already received $225,098 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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