Former state school employee Prewitt paid in $56K to teachers' pension fund, could collect $864K in retirement

By Local Labs News Service

Jan 1, 2017

Former state school employee Linda Prewitt, who retired in December 2016, saved $55,963 toward a pension over 14 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Prewitt would collect as much as $863,613, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Prewitt received $18,152 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prewitt will have already received $56,107 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State Board Of Education

!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