Former state school employee Severson paid in $86K to teachers' pension fund, could collect $1.29M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Peggy Severson, who retired in May 2018, saved $86,085 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Severson would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Severson received $27,063 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Severson will have already received $113,221 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Warren Community Unit School District 205

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