Former state school employee Phillips paid in $163K to teachers' pension fund, could collect $3.28M in retirement

By Local Labs News Service

Jul 1, 2017

Former state school employee Gretchen Phillips, who retired in June 2017, saved $163,228 toward a pension over 35 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $3.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Phillips received $68,897 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Phillips will have already received $212,954 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Belleville School District 118

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