West Cook News

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Former state school employee Ritsert paid in $3K to teachers' pension fund, could collect $91K in retirement

Schools

By West Cook News | May 1, 2017

Money 04

Former state school employee Laurence Ritsert, who retired in April 2017, saved $3,023 toward a pension over 1 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Ritsert would collect as much as $90,939, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Ritsert received $1,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ritsert will have already received $3,879 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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