Former state school employee Whitaker paid in $5K to teachers' pension fund, could collect $54K in retirement

By Local Labs News Service

Feb 1, 2016

Former state school employee Chris Whitaker, who retired in January 2016, saved $5,487 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Whitaker would collect as much as $54,481, according to a projection by Local Government Information Services (LGIS), which publishes Southern Illinois News.

The projection assumes Whitaker received $1,145 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Whitaker will have already received $6,076 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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