Former state school employee Willits paid in $27K to teachers' pension fund, could collect $381K in retirement

By Local Labs News Service

Jul 1, 2016

Former state school employee Joann Willits, who retired in June 2016, saved $27,367 toward a pension over 7 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Willits would collect as much as $381,193, according to a projection by Local Government Information Services (LGIS), which publishes NW Illinois News.

The projection assumes Willits received $8,012 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Willits will have already received $33,519 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Freeport School District 145 Board

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate