Former state school employee Weitekamp paid in $146K to teachers' pension fund, could collect $2.24M in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state school employee Susan Weitekamp, who retired in January 2016, saved $145,922 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Weitekamp would collect as much as $2.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Weitekamp received $47,169 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Weitekamp will have already received $197,338 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