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Former state school employee Witt paid in $170K to teachers' pension fund, could collect $3.61M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

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Former state school employee Joan Witt, who retired in June 2018, saved $170,451 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, Witt would collect as much as $3.61 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Witt received $75,890 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Witt will have already received $234,569 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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