Former state school employee Larson paid in $71K to teachers' pension fund, could collect $1.3M in retirement

By Local Labs News Service

Jun 1, 2016

Former state school employee Gerlyne Larson, who retired in May 2016, saved $70,902 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Larson would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Larson received $27,326 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larson will have already received $84,462 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Paw Paw Community Unit School District 271

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