Former state school employee Spets paid in $104K to teachers' pension fund, could collect $1.75M in retirement

By Rock Island Today Reports

Jun 1, 2017

Former state school employee David Spets, who retired in May 2017, saved $104,037 toward a pension over 27 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Spets would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Spets received $36,763 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Spets will have already received $113,631 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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Kewanee Community Unit School District 229 Board

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