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NW Illinois News

Saturday, May 4, 2024

Former state school employee Eiten paid in $69K to teachers' pension fund, could collect $1.04M in retirement

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Former state school employee Jean Eiten, who retired in September 2016, saved $69,394 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Eiten would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Eiten received $21,785 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Eiten will have already received $91,141 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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