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McLean County Times

Monday, November 25, 2024

Former state school employee Lyle paid in $110K to teachers' pension fund, could collect $1.71M in retirement

Money 02

Former state school employee Allen Lyle, who retired in August 2016, saved $110,012 toward a pension over 25 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Lyle would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Lyle received $35,937 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lyle will have already received $111,077 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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