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Will County Gazette

Tuesday, April 23, 2024

Former state school employee Maurer paid in $11K to teachers' pension fund, could collect $127K in retirement

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Former state school employee Richard Maurer, who retired in July 2016, saved $11,312 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, Maurer would collect as much as $127,266, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Maurer received $2,675 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Maurer will have already received $14,202 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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