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Southern Illinois News

Saturday, November 23, 2024

Former state school employee Pitts paid in $88K to teachers' pension fund, could collect $1.39M in retirement

Money 03

Former state school employee Melanie Pitts, who retired in August 2016, saved $87,845 toward a pension over 26 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pitts would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Pitts received $29,124 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pitts will have already received $90,020 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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