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Will County Gazette

Monday, November 25, 2024

Former state school employee Fulton paid in $59K to teachers' pension fund, could collect $830K in retirement

Money 07

Former state school employee Dennis Fulton, who retired in May 2016, saved $58,883 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, Fulton would collect as much as $830,141, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Fulton received $17,448 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Fulton will have already received $72,994 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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