Quantcast

Southern Illinois News

Saturday, May 18, 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.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS