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South Cook News

Monday, May 20, 2024

Former state school employee Hewitt paid in $182K to teachers' pension fund, could collect $4.35M in retirement

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Former state school employee Serena Hewitt, who retired in June 2016, saved $181,973 toward a pension over 34 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hewitt would collect as much as $4.35 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Hewitt received $91,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hewitt will have already received $185,577 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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