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Kendall County Times

Monday, November 25, 2024

Former state school employee Pinnick paid in $29K to teachers' pension fund, could collect $661K in retirement

Money 02

Former state school employee Timothy Pinnick, who retired in December 2017, saved $29,141 toward a pension over 12 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pinnick would collect as much as $661,387, according to a projection by Local Government Information Services (LGIS), which publishes Kendall County Times.

The projection assumes Pinnick received $13,901 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pinnick will have already received $42,967 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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