Former state school employee Petitt paid in $125K to teachers' pension fund, could collect $3.11M in retirement

By Local Labs News Service

Jun 1, 2018

Former state school employee Richard Petitt, who retired in May 2018, saved $124,859 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, Petitt would collect as much as $3.11 million, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Petitt received $65,371 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Petitt will have already received $132,703 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Ashton-Franklin Center CUSD #275

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