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East Central Reporter

Saturday, April 20, 2024

Former state school employee Womack paid in $2K to teachers' pension fund, could collect $173K in retirement

Money 02

Former state school employee Alicia Womack, who retired in September 2016, saved $2,011 toward a pension over 3 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Womack would collect as much as $172,584, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Womack received $3,627 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Womack will have already received $3,627 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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