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East Central Reporter

Thursday, December 26, 2024

Former state school employee Pringle paid in $80K to teachers' pension fund, could collect $1.62M in retirement

Money 05

Former state school employee Carol Pringle, who retired in May 2016, saved $80,093 toward a pension over 28 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pringle would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Pringle received $33,953 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pringle will have already received $104,946 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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