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Quincy Reporter

Monday, November 25, 2024

Former state school employee Wittland paid in $63K to teachers' pension fund, could collect $1.14M in retirement

Money 01

Former state school employee Cheryl Wittland, who retired in May 2017, saved $62,566 toward a pension over 21 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

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

The projection assumes Wittland received $23,910 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wittland will have already received $73,903 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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