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West Cook News

Friday, April 19, 2024

Former state school employee Patterson paid in $183K to teachers' pension fund, could collect $4.01M in retirement

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Former state school employee Wyatt Patterson, who retired in June 2018, saved $183,414 toward a pension over 39 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $4.01 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Patterson received $84,364 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patterson will have already received $260,761 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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