Former state school employee Cleveland paid in $16K to teachers' pension fund, could collect $247K in retirement

By Local Labs News Service

Apr 1, 2017

Former state school employee Denise Cleveland, who retired in March 2017, saved $15,825 toward a pension over 10 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Cleveland would collect as much as $247,093, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Cleveland received $5,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cleveland will have already received $16,051 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Crete Monee Community Unit School District 201u

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