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East Central Reporter

Monday, November 25, 2024

Former state school employee Deutschman paid in $2K to teachers' pension fund, could collect $37K in retirement

Money041

Former state school employee Daniel Deutschman, who retired in November 2017, saved $2,189 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Deutschman would collect as much as $37,177, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Deutschman received $781 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Deutschman will have already received $2,413 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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