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Will County Gazette

Monday, November 25, 2024

Former state school employee Klein paid in $177K to teachers' pension fund, could collect $4.28M in retirement

Money 06

Former state school employee Kathryn Klein, who retired in September 2016, saved $176,702 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Klein would collect as much as $4.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Klein received $89,888 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Klein will have already received $182,473 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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