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Carbondale Reporter

Monday, November 25, 2024

Former state school employee Toler paid in $118K to teachers' pension fund, could collect $2.18M in retirement

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Former state school employee Steven Toler, who retired in May 2017, saved $117,749 toward a pension over 30 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Toler would collect as much as $2.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Toler received $45,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Toler will have already received $141,686 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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