Former state school employee Pettit paid in $45K to teachers' pension fund, could collect $1.2M in retirement

By Rock Island Today Reports

Aug 1, 2016

Former state school employee Deborah Pettit, who retired in July 2016, saved $45,183 toward a pension over 20 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Pettit would collect as much as $1.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Pettit received $25,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pettit will have already received $51,142 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Moline-Coal Valley School District 40

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