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Carbondale Reporter

Monday, November 25, 2024

Former state school employee Pittman paid in $42K to teachers' pension fund, could collect $519K in retirement

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Former state school employee Nancy Pittman, who retired in May 2017, saved $41,986 toward a pension over 11 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pittman would collect as much as $518,878, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Pittman received $10,906 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pittman will have already received $45,626 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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