Quantcast

South Cook News

Thursday, April 18, 2024

Former state school employee Willis paid in $71K to teachers' pension fund, could collect $1.14M in retirement

Shutterstock 443523118

Former state school employee Kevin Willis, who retired in October 2017, saved $71,296 toward a pension over 17 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Willis received $23,861 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Willis will have already received $73,752 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