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Macon Reporter

Sunday, December 22, 2024

Former state school employee Pritts paid in $79K to teachers' pension fund, could collect $1.33M in retirement

Money272

Former state school employee Caroline Pritts, who retired in May 2017, saved $79,141 toward a pension over 19 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pritts would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Pritts received $28,028 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pritts will have already received $86,632 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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