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South Cook News

Tuesday, December 24, 2024

Former state school employee Whittingham paid in $92K to teachers' pension fund, could collect $1.77M in retirement

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Former state school employee Helen Whittingham, who retired in June 2016, saved $92,241 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Whittingham would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Whittingham received $37,273 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Whittingham will have already received $115,207 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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