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McLean County Times

Monday, December 23, 2024

Former state school employee Bollmann paid in $194K to teachers' pension fund, could collect $4.54M in retirement

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Former state school employee David Bollmann, who retired in July 2017, saved $193,752 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Bollmann would collect as much as $4.54 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Bollmann received $95,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bollmann will have already received $294,634 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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