Former state school employee Olsen paid in $7K to teachers' pension fund, could collect $82K in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Christine Olsen, who retired in May 2018, saved $7,095 toward a pension over 6 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Olsen would collect as much as $82,267, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Olsen received $1,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Olsen will have already received $7,233 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Byron Community Unit School District 226

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