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Dupage Policy Journal

Friday, May 3, 2024

Former state school employee Sharritt paid in $78K to teachers' pension fund, could collect $1.6M in retirement

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Former state school employee James Sharritt, who retired in June 2016, saved $77,500 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, Sharritt would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Sharritt received $33,681 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sharritt will have already received $104,104 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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